The Chief Commissioner of the Ethiopian Federal Police Commission, General Demelash Gebre-Michael, engaged in discussions on Thursday with Liu Haitao, Deputy Commissioner of the National Immigration Administration of China.

During their dialogue, the two dignitaries deliberated on areas for potential collaboration and cooperation.

Notably, they concurred on the exchange of expertise and assistance in the realm of technologies designed to differentiate authentic travel documents from counterfeit ones.

Deputy Commissioner Liu Haitao remarked that Commissioner General Demelash plays a pivotal role in international public security as a Board Member of Global Public Security Cooperation. (FBC)

Ensuring financial stability and propelling enabling policies are critical grounds to stead fast Ethiopia’s economic growth and development, the National Bank of Ethiopia (NBE) Governor said.

The 7th Annual East African Summit, organized by the iCapital Institute, Nairobi Securities Exchange and Ethiopian Insurers Association is being held under the theme “Unlocking opportunities: Navigating the forces shaping the future of finance in East Africa.”

In his opening remark at the summit yesterday, NBE Governor Mamo Mihretu said that the central bank has been aggressively working on financial stability and ensuring potential gaps and weaknesses to sustainably address the potential loopholes in the financial sector. (Ethiopian Herald)

Prime Minister Abiy Ahmed has emphasized the significant impact of the Made in Ethiopia Movement on the country’s industrial potential.

Launched by Prime Minister Abiy Ahmed two years ago, the national manufacturing industry movement aims to enhance competitiveness by addressing bottlenecks in a sustainable, integrated, and comprehensive manner.

The Expo opened at Millennium Hall showcases the movement’s activities and achievements over the past two years.

During the event, Abiy highlighted the movement’s success in reducing imports, with domestic production replacing imported products worth 1.9 billion USD in the past nine months of the current Ethiopian fiscal year.

The Made In Ethiopia Movement has played a significant role in harnessing the existing potential of the industry sector, contributing to its overall growth, he said. (ENA)

Safaricom Group Plc reported lower-than-expected annual profit after the Kenyan telecommunications giant’s unit in neighboring Ethiopia booked losses in its first full year of operations.

Net income rose 1.2% to 62.99 billion shillings ($479.2 million) in the year through March 31, the Nairobi-based company said in a statement Thursday, missing the 67.6 billion-shilling median estimate by analysts in a Bloomberg survey. Its Kenyan unit reported $1.07 billion in operating profit, the first time that the measure exceeded the billion-dollar mark. 

“This is no mean feat — there’s no other company in our region that has achieved this,” Chairman Adil Khawaja said at an investor briefing in Nairobi.

The shares rose 3.7% by 12:46 p.m., having jumped as much as 9% in earlier trade. 

East Africa’s biggest company by market value in 2022 launched operations in Ethiopia, which has the continent’s second-largest population but one of the lowest rates of mobile penetration and internet connectivity. (Bloomberg)