Indian-based horticulture company, Fontana Flowers PLC is to begin horticulture farm operation in Ethiopia with USD 11 million investment cost, Addis Fortune reported.

Fontana has leased 100 hectares of land in Bahir Dar, Amhara Regional State of Ethiopia. The company, which started clearing the land to grow roses, is to begin operation on 65 hectares of land. Its annual revenue is expected to be USD 95.9 million.

Destination for Fontana’s roses will be Netherlands’ traditional auction market. In addition, the roses will be exported to direct markets of Middle East and the Netherlands, according to Daniel Tereffe, Horticulture Investment Project Supervision and Support Officer at Bahir Dar Branch of the Ethiopian Horticulture Development Agency (EHDA).

There are four horticulture companies in Bahir Dar that are under operation. Other than Fontana, there are three Indian-based companies that had received investment licenses to invest in horticulture sector, Daniel noted.

Ethiopia earns the highest foreign exchange from the horticulture export market. From the exported 199 million flowers stems, Ethiopia has secured USD 254.4 million in 2013/14 budget year.

Source: Addis Fortune