Awassa Textile and Industrial Park S.C, a local company established by three Ethiopian investors, is going to build a privately-owned industry park in Hawassa town at a cost of two billion birr, The Reporter has learnt.
Metal and engineering industries have expressed their concerns that many manufactures will likely be forced to close shops due to lack of access and shortage of foreign currency to import raw materials, while traders have the flexibility to import finished metal and engineering products.
Alemayehu Geda (PhD, Prof), a prominent economist, has painted a dire look at the economic growth set for the new fiscal year, predicting it will further contract and even dip into negative 2.7 percent.
A severe shortage of foreign exchange, that has plagued the economy so far, has further led to banks struggling to find international go-between/correspondent banks to process payments in Letter of Credits (L/C), The Reporter has learnt.
Five state-owned enterprises under the supervision of the Public Enterprises Holding and Administration Agency, have earned a combined profit of 792 million birr in the last fiscal year, the agency announced this week.