Category: Finance

Addis Ababa: A two-day conference aimed at leveraging digitalization to improve tax compliance and revenue mobilization has concluded in Addis Ababa today.

The international conference organized by Ministry of Revenues, in collaboration with the World Bank, has attracted many experts and stakeholders from emerging countries.

Briefing the media, Revenues Minister Aynalem Nigussie underscored the significance of digitalization in improving revenue collection by enhancing efficiency and minimizing cost.

Collecting revenue through digitalization also enables the tax administration to be fairer and transparent as compared with the manual system.

According to her, the Ministry of Revenues has been developing software to digitalize more the revenue collecting system.

At present, several platforms that enable tax payers to pay online have been established and those are contributing to enhancing the efficiency of collecting revenue.

World Bank Lead Governance Specialist in Ethiopia, Rajul Awasthi told ENA that t
he purpose of the conference is to improve the efficiency and effectiveness of tax administrations by implementing digitalization.

Noting that there haven challenges in Africa for many decades in the sector, he added that the World Bank is now helping countries to address the challenges through financing and technical assistance.

For him, digitalization is the best way to move forward in improving efficiency and effectiveness of tax administration and the World Bank is committed providing continuous assistance to realize digitalization.

According to Awasthi, the conference has created a platform for peer-to-peer learning between countries in the field.

Delegates mainly from African countries, including Nigeria, Zambia, Ethiopia, Kenya, Rwanda, Uganda, Tanzania, Malawi, Zimbabwe, South Sudan, and Somalia, as well as experts from other countries have participated in the conference, it was learned.

The World Bank lead governance specialist, who stated that the Bank has been involved in helping countries to
improve their tax systems, improve domestic revenue mobilization through financial and technical assistance, said the World Bank is working closely with ministries of Revenues and Finance to improve the capacity in the sector.

Source: Ethiopian News Agency

Addis Ababa: A two-day conference aimed at leveraging digitalization to improve tax compliance and revenue mobilization has concluded in Addis Ababa today.

The international conference organized by Ministry of Revenues, in collaboration with the World Bank, has attracted many experts and stakeholders from emerging countries.

Briefing the media, Revenues Minister Aynalem Nigussie underscored the significance of digitalization in improving revenue collection by enhancing efficiency and minimizing cost.

Collecting revenue through digitalization also enables the tax administration to be fairer and transparent as compared with the manual system.

According to her, the Ministry of Revenues has been developing software to digitalize more the revenue collecting system.

At present, several platforms that enable tax payers to pay online have been established and those are contributing to enhancing the efficiency of collecting revenue.

World Bank Lead Governance Specialist in Ethiopia, Rajul Awasthi told ENA that t
he purpose of the conference is to improve the efficiency and effectiveness of tax administrations by implementing digitalization.

Noting that there haven challenges in Africa for many decades in the sector, he added that the World Bank is now helping countries to address the challenges through financing and technical assistance.

For him, digitalization is the best way to move forward in improving efficiency and effectiveness of tax administration and the World Bank is committed providing continuous assistance to realize digitalization.

According to Awasthi, the conference has created a platform for peer-to-peer learning between countries in the field.

Delegates mainly from African countries, including Nigeria, Zambia, Ethiopia, Kenya, Rwanda, Uganda, Tanzania, Malawi, Zimbabwe, South Sudan, and Somalia, as well as experts from other countries have participated in the conference, it was learned.

The World Bank lead governance specialist, who stated that the Bank has been involved in helping countries to
improve their tax systems, improve domestic revenue mobilization through financial and technical assistance, said the World Bank is working closely with ministries of Revenues and Finance to improve the capacity in the sector.

Source: Ethiopian News Agency

Addis Ababa: Ethiopia has been intensifying diplomacy to connect the nation’s economy with the global market, according to Ministry of Foreign Affairs.

In an exclusive interview with ENA, Foreign Affairs State Minister Mesganu Arga said that Ethiopia has embarked on rigorous economic reforms aimed at opening up and connecting it with the global economy.

‘As part of the Homegrown Economic Reform Program, Ethiopia is now liberalizing and connecting our economy with the global economy.’

The Ethiopian Investment Board has recently issued a new directive outlining that foreign investors can engage in specific trade investments and in the previously reserved businesses including export, import, wholesale and retail trade investments.

According to the state minister, these economic reforms and initiatives have a paramount importance to opening up the economy and linking it with regional markets such as the African Continental Free Trade Area (AfCFTA.)

He added that Ethiopia is also gearing up to be part of the
World Trade Organization (WTO). The process being expedited is imperative to Ethiopia in order to access global trade opportunities.

The Ethiopian government has been currently implementing a new economic reform blueprint, dubbed Homegrown Economic Reform, with a major aspiration to unlock the country’s development potentials.

Following the reform program, Mesganu noted that promoting economic opportunities and investment potential has become at the heart of Ethiopia’s diplomacy.

‘We have realized that investment promotion and confidence building for global economic activities are pretty much imperative to our diplomacy. In this regard, attracting foreign direct investment and connecting our economy with the global market are important steps carried out.’

To realize these economic endeavors, trade and investment promotion activities have been conducted by foreign missions, consulates and diplomats, it was learned.

Looking for additional markets globally, attracting more investments, as well as promoting
domestic tourism potentials are at the epicenter of the economic diplomacy.

The state minster pointed out that Ethiopia’s foreign policy is anchored on strengthening partnership with neighboring countries, and the policy essentially prioritizes economic integration to achieve joint regional development.

Further elaborating on the country’s economy, Mesganu said that it has shown significant resilience amidst global challenges.

‘Our GDP has redoubled and our economy has registered a fast growing record. Thus, this has been encouraging us to reinforce the economic foreign policy missions in the region and beyond. We are really working hard as a country to bring about development and achieve growth internally and also sharing achievement to the neighboring countries.’

Moreover, he reaffirmed the commitment of Ethiopia to connecting with its neighboring nations in terms of infrastructure as well as sharing its development ambition and integration agenda through road and railway.

For the state minister, those
agendas are quite important and they are the main focus for our foreign policy since the economic dividend is for mutual benefits.

For the economic ambition of the country to come to fruition, Mesganu underlined that Ethiopia always seeks jointly and collaboratively working with the global community and with the neighboring countries.

In this respect, he explained that Ethiopia is committed to the securitization, joint development, and economic integration of the region.

‘So our agenda is peace, economic development, integration, trade promotion and large infrastructure connectivity between the neighboring countries,’ the state minister stressed.

Furthermore, Mesganu called on the neighboring countries to genuinely understand Ethiopia’s quest for access to sea.

‘Our right to have seaport access is based on rational ground,’ he noted, adding that there will also be opportunities for neighboring countries in the expanding economic activity and the large economy of Ethiopia.

Source: Ethiopian News Agency

Addis Ababa: Ethiopia has been intensifying diplomacy to connect the nation’s economy with the global market, according to Ministry of Foreign Affairs.

In an exclusive interview with ENA, Foreign Affairs State Minister Mesganu Arga said that Ethiopia has embarked on rigorous economic reforms aimed at opening up and connecting it with the global economy.

‘As part of the Homegrown Economic Reform Program, Ethiopia is now liberalizing and connecting our economy with the global economy.’

The Ethiopian Investment Board has recently issued a new directive outlining that foreign investors can engage in specific trade investments and in the previously reserved businesses including export, import, wholesale and retail trade investments.

According to the state minister, these economic reforms and initiatives have a paramount importance to opening up the economy and linking it with regional markets such as the African Continental Free Trade Area (AfCFTA.)

He added that Ethiopia is also gearing up to be part of the
World Trade Organization (WTO). The process being expedited is imperative to Ethiopia in order to access global trade opportunities.

The Ethiopian government has been currently implementing a new economic reform blueprint, dubbed Homegrown Economic Reform, with a major aspiration to unlock the country’s development potentials.

Following the reform program, Mesganu noted that promoting economic opportunities and investment potential has become at the heart of Ethiopia’s diplomacy.

‘We have realized that investment promotion and confidence building for global economic activities are pretty much imperative to our diplomacy. In this regard, attracting foreign direct investment and connecting our economy with the global market are important steps carried out.’

To realize these economic endeavors, trade and investment promotion activities have been conducted by foreign missions, consulates and diplomats, it was learned.

Looking for additional markets globally, attracting more investments, as well as promoting
domestic tourism potentials are at the epicenter of the economic diplomacy.

The state minster pointed out that Ethiopia’s foreign policy is anchored on strengthening partnership with neighboring countries, and the policy essentially prioritizes economic integration to achieve joint regional development.

Further elaborating on the country’s economy, Mesganu said that it has shown significant resilience amidst global challenges.

‘Our GDP has redoubled and our economy has registered a fast growing record. Thus, this has been encouraging us to reinforce the economic foreign policy missions in the region and beyond. We are really working hard as a country to bring about development and achieve growth internally and also sharing achievement to the neighboring countries.’

Moreover, he reaffirmed the commitment of Ethiopia to connecting with its neighboring nations in terms of infrastructure as well as sharing its development ambition and integration agenda through road and railway.

For the state minister, those
agendas are quite important and they are the main focus for our foreign policy since the economic dividend is for mutual benefits.

For the economic ambition of the country to come to fruition, Mesganu underlined that Ethiopia always seeks jointly and collaboratively working with the global community and with the neighboring countries.

In this respect, he explained that Ethiopia is committed to the securitization, joint development, and economic integration of the region.

‘So our agenda is peace, economic development, integration, trade promotion and large infrastructure connectivity between the neighboring countries,’ the state minister stressed.

Furthermore, Mesganu called on the neighboring countries to genuinely understand Ethiopia’s quest for access to sea.

‘Our right to have seaport access is based on rational ground,’ he noted, adding that there will also be opportunities for neighboring countries in the expanding economic activity and the large economy of Ethiopia.

Source: Ethiopian News Agency

Addis Ababa: The attention given to startups will create opportunity to put innovations into practice, startupers told ENA.

Recall that Ethiopia has recently set its eyes on becoming a beacon of opportunity in the global startup landscape.

Startuppers who talked to the Ethiopian News Agency stated that the attention given to the sector will create opportunity to put innovations into practice.

Among the startuppers, Fitsum Sileshi the backend developer for ‘Adot, explained that the focus on startups is instrumental in securing financial support to initiate work by facilitating the introduction of creative projects.

This attention will enable startups to fulfill their role in supporting efforts to create job opportunities for citizens and contribute to economic growth.

According to her, Adot company aims to support mothers throughout their pregnancy journey and beyond by providing content, informative support, and access to doctors.

Fitsum emphasized the pressing issue of preventable or manageable disease
s leading to maternal mortality, stating that their mobile application seeks to address this by providing vital information to mothers in need.

The platform is a very cultural sensitive and also locally relatable product, according to the startupper, who added that this means mothers can understand what ‘we are giving them as article and also as content.’

‘We are targeting mothers who speak Amharic and also have access to smartphones. But soon we will be able to have more access to mothers speaking other languages and living in rural areas.’

The other startupper, Bereket Addis, has developed a technology called ‘Asbeza’ that includes e-commerce and logistics to easily provide an online grocery delivery service.

He highlighted the favorable conditions for startup growth in the country, adding that the government’s focus on startups, through the formulation of supportive policies and provision of other assistance, is fostering favorable conditions.

By fostering entrepreneurial environment and supporting st
artups, countries like Ethiopia can unlock a potent engine for sustainable development and prosperity, he noted.

According to Negede Yisak, an expert at Ministry of Innovation and Technology, the emerging trend of startups has been capitalizing on the favorable environment fostered in the country.

A recent announcement of a business plan competition attracted approximately 300 startups, with 20 of them advancing to the final round.

From this, 10 startups will be selected to receive support, including access to an incubation center, tailored training, and mentorship within their respective fields.

Source: Ethiopian News Agency

Addis Ababa: The attention given to startups will create opportunity to put innovations into practice, startupers told ENA.

Recall that Ethiopia has recently set its eyes on becoming a beacon of opportunity in the global startup landscape.

Startuppers who talked to the Ethiopian News Agency stated that the attention given to the sector will create opportunity to put innovations into practice.

Among the startuppers, Fitsum Sileshi the backend developer for ‘Adot, explained that the focus on startups is instrumental in securing financial support to initiate work by facilitating the introduction of creative projects.

This attention will enable startups to fulfill their role in supporting efforts to create job opportunities for citizens and contribute to economic growth.

According to her, Adot company aims to support mothers throughout their pregnancy journey and beyond by providing content, informative support, and access to doctors.

Fitsum emphasized the pressing issue of preventable or manageable disease
s leading to maternal mortality, stating that their mobile application seeks to address this by providing vital information to mothers in need.

The platform is a very cultural sensitive and also locally relatable product, according to the startupper, who added that this means mothers can understand what ‘we are giving them as article and also as content.’

‘We are targeting mothers who speak Amharic and also have access to smartphones. But soon we will be able to have more access to mothers speaking other languages and living in rural areas.’

The other startupper, Bereket Addis, has developed a technology called ‘Asbeza’ that includes e-commerce and logistics to easily provide an online grocery delivery service.

He highlighted the favorable conditions for startup growth in the country, adding that the government’s focus on startups, through the formulation of supportive policies and provision of other assistance, is fostering favorable conditions.

By fostering entrepreneurial environment and supporting st
artups, countries like Ethiopia can unlock a potent engine for sustainable development and prosperity, he noted.

According to Negede Yisak, an expert at Ministry of Innovation and Technology, the emerging trend of startups has been capitalizing on the favorable environment fostered in the country.

A recent announcement of a business plan competition attracted approximately 300 startups, with 20 of them advancing to the final round.

From this, 10 startups will be selected to receive support, including access to an incubation center, tailored training, and mentorship within their respective fields.

Source: Ethiopian News Agency