Pakistan-Based Firm Eyes Investment

Jan 28 , 2023

Fertilizer, cement, mining and steel manufacturers foresee investment as a Pakistan-based corporation Arif Habib Group shows interest. The delegation from the Arif Habib Group, under Muhammed Kashif, met with officials and the Ministers in the sector, where they discussed the business opportunities to support. Muhammed also discussed with Lelise Neme, head of the Ethiopian Investment Commission, how the incentive packages would create a favourable investment environment for the investors. The Pakistani Ambassador, Jemal Beker Abdula, said it would provide lucrative opportunities, a business-friendly environment, low production costs, and numerous incentives. Arif Habib Group was incorporated in 1994 with a paid-up capital of 1.6 million dollars and bagging 2.5 billion assets. With an initial public offering of one million shares, the company has engaged in financial services, industries, and real estate development. The ambassador also said Ethiopia has undergone a lot of transformation since Prime Minister Abiy Ahmed came to power with a vision to transform the country into a major investment destination. Five months ago, the Ethiopian Investment Commission introduced a slew of policy changes in favour of private investment after the Council of Ministers approved a regulation where investors enjoy tax exemptions and incentives from the federal government.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...