2 January 2008

Ethiopia: Country Sees $1.7 Billion Profit From Exports

Addis Abeba — Ethiopia expects to earn 1.7 billion USD income this Ethiopian budget year, according to the Ministry of Trade and Industry.

"The income just collected is a 29% increase compared to an income collected last year over the same period of time" Public Relation Head with the Ministry, Haile Abebe said.

The country earned some 443.7 million USD from the export of items in the last five months of the Ethiopian fiscal year, which runs from the month of July in any given European year to the month of June of the following year.

Coffee, oils seeds, khat, cereals, leather and leather products, gold and cut flowers have generated the highest earnings respectively.

An official with the Ministry said 46,310 tons of coffee has been exported to various countries and brought 127 million USD." The volume of cotton, cereals, tantalum and beef and meat and cattle exported in the reported period shown a remarkable increase from the target set for the period.

Ethiopia's export trade is increasing at a high rate in the last three years and the export trade which was 1.008 billion USD two years ago has now reached 1.2 billion USD.

Hundreds of Ethiopians and foreign Investors are flooding to the horn nation due to favorable ground Ethiopia created for them.

Tax -free loans from bank, land provision and other incentives with the cheap labor power and geography of the country collectively is attracting lots of foreign investors to the horn nation.

The fast growing investment is playing tremendous role in the efforts Ethiopia is playing to beat up employment and poverty across the nation.

Some 100 Foreign investors from America, Asia, and Europe Middle East, North America and Africa who have been licensed over the past 5 months alone will create a job opportunity for 107,607 citizens according to Ethiopian investment Authority.

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