Horizon Addis halts manufacturing of Tyres
Horizon Addis Tyre, formerly known as Addis Tyre, announced it stopped production of tyres due to lack of foreign currency to import raw materials from overseas. It further said that it has almost been ten days since it ran-out of raw materials.
Two-billion steel manufacturer on the horizon
A local company established by four Ethiopian investors, Tadash Steel Manufacturing Industry Plc, has built a steel factory at a total cost of two billion birr in Dukem town, in the Special Zone of the Oromia Regional State.
Rebar procurement draws complaint from manufacturers
A recent procurement bid for reinforcement bars, issued by the Ethiopian Construction Works Corporation (ECWC), has infuriated industry players as the state run corporation imports thousands of tons of metal products, while only intending to buy a few kilograms of rebar, locally.
Metal manufacturers struggle to survive
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.
Commission reports 330,000 jobs lost to COVID-19
The Job Creation Commission has stated that some 3.3 million jobs were created in the concluded fiscal year, until the COVID-19 pandemic wiped-out some 330,000 jobs within four months.
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