Apr 21 , 2024
The federal government announced the formation of a technical committee tasked with overseeing the engagement of foreign investors in the retail, wholesale, import, and export sectors. The authorities attributed the decision to a comprehensive yearlong study revealing a consistent underperformance in exports, with merchandise export revenues declining for two consecutive years. The latest report from the Ministry of Trade & Regional Integration shows a 7.5pc year-on-year drop over the past nine months. Hanna Arayaselassie, the recently appointed Commissioner of the Ethiopian Investment Commission (EIC), made the announcement last week of forming the technical committee. Speaking at the Commission's headquarters on Africa Avenue (Bole Road) and flanked by State Minister Endalew Mekonen, Hanna detailed its mandate. The new body will include officials from her Commission, the Ethiopian Customs Commission, MoTRI, the National Bank of Ethiopia, and the ministries of Revenues and Industry. The committee is charged with setting minimum export prices, conducting international market studies, and ensuring fair competition. It will report to the Ethiopian Investment Board, led by Prime Minister Abiy Ahmed (PhD). Addressing potential regulatory changes, Commissioner Hanna hinted at a revision to the foreign currency retention procedures. "It'll be maintained for now," she told Fortune, suggesting that adjustments might be considered after a careful assessment of the macroeconomic environment.
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