Turnover Trumps at Industrial Parks

Nov 7 , 2020


About 11,169 employees from industrial parks have left their jobs in the first quarter of the fiscal year, according to a report from the Ethiopian Investment Commission, which also reported that 10,864 new jobs have been created there. The effects of the Novel Coronavirus (COVID-19) pandemic and expensive housing and living conditions for employees around parks were attributed to the high turnover rate, according to Commissioner Lelise Neme. “A lot of work is being done to provide housing units for employees at industrial parks with the help of development partners,” said the Commissioner. Within this same quarter, the Commission issued 36 investment licenses, 17 of which went to the service sector, while four and 15 were for agriculture and manufacturing, respectively. Additionally, five industrial parks began offering one-stop service. Only half of the targeted one billion dollars was generated through foreign direct investment over the quarter.


Radar

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...


Radar

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...


Radar

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...


Back
WhatsApp
Telegram
Email