Eczacibasi, a well known Turkish company, is keen to invest in Ethiopia. During a meeting between the State Minster for Foreign Affairs, Dr. Akililu Hailemicheal, and the representatives of the company, the investors mentioned that they use Ethiopia as a main gate to invest in Africa.

The attractive incentives for foreign investors, the stability of the country, a growing market and a friendly business environment are some of the reasons that attracted the investors to start business in Ethiopia. Aiming at expanding the business from local to surrounding regions, the company will start its project in construction materials.

Dr. Akililu outlined that since Ethiopia is expanding infrastructural activities in both urban and local areas, Eczacibasi’s desire to invest in Ethiopia is considered as an astute decision. Ethiopia managed to attract over 2.5 billion US dollars, which is 42% of the total six billion dollars the country planned to invest in Africa.

As part of the five-year growth and transformation plan, the Ethiopian government considered import substitution incentives as a major opportunity to maximize local production and reduce foreign currency flow. As a result, the country saved over 2.3 billion US dollars in just less than five years.

Eczacibasi is also a pharmaceutical, a building material and fast moving consumer good supplier company.

Source: FBC