Ministry Flaunts $28m from Injera Exports


Ministry Flaunts $28m from Injera Exports

Injera exports have garnered 28 million dollars in the past eight months, according to Minster of Industry Melaku Alebel. He addressed the Parliament last week at the 14th regular session of its second-year term. The performance report comes in a year at which the price of Teff reached an all-time high, hovering close to 10,000 Br. The unprecedented increment in the price resulted from logistic hurdles arising from security tensions between the Amhara and Oromia regional states. While the skyrocketing cost of Teff has many locals opting to decrease their consumption, injera is reaching new markets abroad. Bedlwa Habtemariam, who has been exporting Injera in large quantities for the better part of a decade through her 23 employees, says there is a huge untapped market for the staple food abroad. A quintal of Teff yields close to 800 pieces of Injera and is sold at prices depending on the quantity of order, quality of the injera and shipping costs with the United States being the number one importer. "We would not have earned as much if we had exported Teff," the Minister emphasised the role of value addition in increasing the productivity of the manufacturing export sector.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email