The Twins PLC, an Ethiopian Company announced plan to establish a paper products factory with 60 million birr capital. The Company's Managing Director, Lemma Habtemariam told ENA that the factory will create jobs for a number of citizens. The Company, established three years ago with 10 million Birr capital, has created jobs for some 40 citizens at present.

There is encouraging investment situation in Ethiopia, Lemma said, adding, the government is striving to expand investment through significant tax incentives, including tax exemptions on import of capital goods, among others. Activities being carried out to realize import substitution will help the country to reduce the amount of foreign currency spent on importing goods, he said.

Business Development Manager, Esaeyas Lemma on his part said there is favorable investment situation enabling both domestic and foreign investors engage in different development activities in the country.

The Manager said the government is undertaking encouraging activities to attract more investment and also stressed the need to expand infrastructure development including electric power service and roads, among others.

Source: ENA