By our staff reporter

The International Trade Centre (ITC), a United Nations agency focused on assisting small businesses, is collaborating with the TRAIDE Foundation and the Embassy of the Kingdom of the Netherlands. Their joint effort aims to promote direct and long-term trade connections between Dutch buyers of green coffee and coffee producers in Ethiopia.

The TRAIDE Foundation, which receives funding from the Netherlands Ministry of Foreign Affairs, acts as a facilitator for companies and stakeholders in Africa. They connect these groups with financing solutions and have a particular focus on the Dutch market, although they are not limited to engaging exclusively with Dutch companies. Currently, TRAIDE operates in Ethiopia and Rwanda, maintaining local offices in both countries.

Recently, ITC and TRAIDE led a tour for Dutch buyers in Ethiopia. The purpose of the tour was to allow selected green coffee buyers to meet Ethiopian coffee producers who are part of ITC’s sustainable agribusiness Alliances for Action initiative. This initiative operates under the Netherlands Trust Fund V programme in Ethiopia, which is funded by the Dutch Ministry of Foreign Affairs.

The objective of the tour was to establish relationships between buyers and producers, laying the foundation for long-term trade connections based on trust and mutual growth. This approach aims to benefit both buyers and suppliers, ensuring sustainability in the long run.

During the tour, the buyers gathered in Addis Ababa before embarking on a two-day visit to coffee farms and cooperatives belonging to the Yirgacheffe Coffee Farmers’ Cooperative Union and the Oromia Coffee Farmers Cooperative Union. They had the opportunity to examine coffee trees and cherries during the peak of the harvest season, observe the washing and drying process that transforms cherries into green beans, and engage in discussions with union and cooperative managers. Additionally, topics such as the upcoming European Union Corporate Sustainable Due Diligence Directive (CS3D), the Deforestation Act, and concepts of direct and fair trade and specialty coffee were addressed.

The tour concluded with a networking event in Addis Ababa, bringing together the buyers, the Ethiopian Coffee and Tea Authority, ITC-Alliances for Action’s network of Ethiopian coffee producers, and other Ethiopian coffee stakeholders. The event garnered significant participation, and any subsequent commercial relationships will be jointly monitored by ITC and TRAIDE through the NTFV programme.

“A relationship built on mutual trust creates a sustainable business environment and fosters a caring connection that goes beyond mere profit-making,” said Erkehun Woldegiorgis Hirbaye, General Manager of the Yirgacheffe Coffee Farmers Cooperative Union in Ethiopia.

“First-hand experience is the most convincing way for our buyers to understand the realities on the ground. Seeing is believing,” said Dejene Dadi, General Manager of Oromia Coffee Farmers Cooperative Union in Ethiopia.

“As a coffee trader, it is the dream of all coffee lovers to visit Ethiopia, the country where coffee trees grow naturally in its beautiful forests. Having direct experience and establishing connections with farmers and producer unions of some of the world’s best coffees was an incredibly insightful experience. I am immensely grateful to TRAIDE and ITC for giving me this opportunity and facilitating these connections,” said Marco Roberti, Green Coffee Trader at Daarnhouwer, Netherlands.

By our staff reporter

Bunna Insurance reports that, for the first time, its premiums have surpassed half a billion birr, coming in at over 900 million birr.

According to Bunna’s annual report, the company’s gross written premium (GWP) for general insurance business in the 2022/2023 financial year was 880 million birr, which increased by 67 percent over the year’s target.

The company’s goal for the year is to register 527 million birr in GWP. The general insurance GWP was 469 million birr a year earlier, which is 88% less than what was reported for the year. The company has written 22.5 million birr in the life insurance business, which is 75.5 percent more than the goal.

The company’s gross written premium for both life and non-life insurance businesses, as of June 30, was close to 903 million.

Throughout the year, there were 189 million birr in pending claims and 295.4 million birr in claims that were paid. Claims paid in the year were 30 percent more than the projected 226 million birr, while the number of pending claims also increased by around 67 percent over the target.

The actual revenue for the year, which was 81.6 million birr, was 10 percent less than anticipated. The cause for the inferior income performance in comparison to the projected is attributed to high claim payment and pending claims.

Although the income has somewhat decreased, the company’s profit before tax has increased.

The reported showed that 52 million birr came from the general insurance business, accounting for 59.4 million of the earnings for the year under review. The profit, according to the annual report, increased by about 32 percent over the 45 million birr recorded in the 2021/22 fiscal year, but decreased by 14.4 percent when compared to the target set for the 2022/2023 fiscal year.

The company’s asset for the year has increased by 91.6 percent over the previous year, surpassing two billion birr. In terms of investments, the insurer owns shares in several companies valued at 224 million birr. The insurance company investment has reached 545 million birr in total. According to the report its capital has increased to 301.5 million birr.

The reporting year’s challenges include the worldwide environment, including the Russia-Ukraine crisis, rising auto-parts and maintenance prices, stagnating trade, and internal unrest.

By our staff reporter

An anti-drone system developed by CS Group – a French IT service firm commences operation at Bole International Airport marking a new era for Ethiopian Airlines Group and the aviation industry in sub- Saharan Africa.

The system that was debuted on November 24, through a generous donation from the French Embassy in Ethiopia to the Ethiopian Civil Aviation Authority is now set to provide cutting-edge counter-drone technology services to the airport’s bustling vicinity.

According to Mesfien Tasew, CEO of Ethiopian Airline, “Civil aviation is growing all over the world. These drones can be flown for various reasons. Some may be flown for sport, some for entertainment, some may be flown by the enemy. Regardless of the reason, flying aircraft should not be intercepted by any flying object, including drones, especially in the vicinity of airports.”

The new policy will help reduce the negative impact of any flying objects, especially drones, by controlling illegal imports and imposing strict regulations on their use in an effort to prevent their negative impact on air transport security.

In related developments, MEDEF, the French Business Confederation have disclosed plans to digitize the historical heritage in Ethiopia.

Whilst showcasing works to be done on Lalibela, MEDEF informed that over the last two years, the training of Ethiopians on stone carving and the digitization of manuscripts was going on smoothly.

According to Philippe Labonne, the president of Africa Global Logistics, “To this end, together with the Ethiopian Heritage Authority, we have obtained UNESCO’s agreement to continue the project. UNESCO has requested additional studies on hydraulic dynamics, which are three special studies that the Ethiopian government should prepare for UNESCO to give the green light.”

The delegation is said to include 22 French companies from sectors such as logistics, infrastructure, telecommunications, healthcare, culture and education.

Their visit is said to be part of France’s efforts to strengthen its economic participation in East Africa and the Horn of Africa.