Adag International Opens Processing Plant

Adag International plc opened a cereal, spice and oilseed processing plant in Ethiopia. The factory was constructed on 4 thousand meter squares in Adama, Oromia Regional State.

The construction work on the factory was completed in nine months and required an investment of 15 million birr. The machinery for the plant was imported from the United Kingdom at a cost of 300 thousand birr.

The factory has the capacity to process 75 thousand tons of agricultural products daily for export purposes.

Adag decided to invest in a processing plant after conducting a research on the potential of agricultural resources in the area explained Haddis Ayele, Manager and Major Shareholder of the Company. Adag established the plant to benefit from improving the quality of Ethiopia’s exports, Haddis stated.

The earnings that Ethiopia expects to receive from the export of spices, pulses and oilseeds are projected to increase by a third to an estimated 900 million US dollars in the current fiscal year.

The increase in revenue is related to incentives offered to investors in the sector including land for processing and warehousing and the waiving of duties related to import and export said Haile Berhe President of the Ethiopian Pulses, Oil Seeds and Spices Processors-Exporters Association.

The association is confident that the incentives will enable exporters to export as much as is made available he added.

Source: Fortune

Exchange Rates

USD 43.4238  42.5724 
EUR 52.8164  51.7808 
GBP 58.4765  57.3299 
AED 10.6979  10.4881 
CAD 32.4460  31.8098 
CHF 46.0367  45.1340