Major South Korean companies are interested in investing in Ethiopia, Ministry of Foreign Affairs discloses.
Ambassador Dewano Kedir, Permanent Secretary of Economic Diplomacy at the ministry, received a team of South Korean business delegation from the city of Busan.
A Malaysian Business Delegation visited Ethiopia for the first time. The visit was part of a ten day business trip including three African nations.
The delegation made up of representatives from seven Malaysian companies includes delegates from various sectors including household items, detergents, electronics and automotive batteries according to Aureen Jean Nonis, Director of Lifestyle Section-Africa with Malaysia External Trade Development Corporation.
The rubber and palm oil sectors were not represented by this trip because Malaysian companies are already engaged in Ethiopia which is a larger importer of palm oil from Malaysia.
Pacific Interlink is to construct an oil refinery plant in Ethiopia at an investment of 401.1 million birr according to sources. The plant is expected to produce 300 thousand tons of oil annually.
The proposal proffered by the Malaysian palm oil manufacturer was approved by the Privatization and Public Enterprises Supervising Agency which was responsible for the initial design and viability study for the proposed project.
The proposed refinery will be the largest to be constructed in the country yet and is expected to help alleviate the current shortage of oil in the country.The manufacturing plant constructed by Addis Transformer and Switchgears plc is ready to launch production. The company, which is a joint venture between Ethiopian company Bridgetech plc and Emirati Company Al-Nasser Industrial Enterprises, subsidiary Federal Transformer LLC was set up with a 300 million birr capital.
The factory constructed on 2500 meter squares at the Tatek Industrial Zone, in Oromia Regional state cost an estimated 100 million birr said Yeshiwas Shibabaw, managing director of Bridgetech Plc.
It took eighteen months to complete the construction work on the factory intended to manufacture switch gears as well as transformers.
Marathon Motors, the Hyundai importer and assembler in Ethiopia, inaugurated an electric vehicle charging station in Addis Ababa. The charging station is the first of its kind in Ethiopia.
