Boortmalt, Belgian company, is set to step into Ethiopian market by setting up a malt production plant in Ethiopia. The company has signed a memorandum of understanding (MoU) with Ethiopian Investment Commission (EIC) on November 24, 2017. The MoU was signed by Fitsum Arega, commissioner of EIC and Yvan Schaepman, CEO of Boortmalt.

The MoU gives land lease grant in Debre Berhan Industrial Park (DBIP). The Belgian firm also intends to build a plant that lays on 15 hectares of land.

According to Fortune, Boortmalt was interested in the Ethiopian market since 2016 as it was aware of the high demand for malt as a result of increase in the number of brewers in Ethiopia.

Ethiopia currently has only 2 malt factories that meet merely 50 percent of the breweries demand. The rest is covered by imported malt.

Source: Fortune