Ethio Engineering Group (EEG) revealed that it had turned a profit after overcoming bankruptcy - which was prevalent over the past two years. The company celebrated this achievement by inaugurating its newly renovated main office building over the weekend.
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Despite investing heavily in industrial park development, Ethiopia has yet to fully realize its economic potential from these facilities. A high-level consultation between the Industrial Parks Development Corporation (IPDC) and the Ethiopian Investment Commission (EIC) revealed that while over 1.6 billion USD has been poured into 13 industrial parks over the past nine years, their combined revenue has only reached USD 1.2 billion USD.
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Hawassa Industrial Park saved over USD 13.9 million in the 2023/24 fiscal year by replacing imported products with locally manufactured goods, according to the park’s General Manager, Mathews Ashenafi.
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Kegna Beverages S.C., a local beverage company, has announced that the first phase of its brewery project in the West Shoa Zone of Oromia State is nearing completion. The company, initially established with a capital of Birr 1.5 billion, has since grown to an investment of Birr 5 billion.
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Ethio-Engineering Group unveiled plans to construct a modern steel factory. The project is slated to commence in Nekemte city during the current fiscal year.
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In a ceremony attended by key stakeholders, Gelila Manufacturing, a local company, laid the foundation stone for its bus assembly plant at the Mekele Industrial Park in Mekele city, the capital of the Tigray region.
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