Israel Chemicals Group (ICG) has bought a 19.9 percent stake in Allana Potash, the Canadian company preparing to mine potash minerals in the Dallol depression of the Afar Regional Sate, in Ethiopia, according to The Reporter.
Bank Hapoalim, an Israeli bank, concluded over USD 200 million deal to finance an irrigation project in Ethiopia which is being carried out by an Israeli firm called Netfim. The project is owned by a government owned sugar company.
According to Reuters, the project covers 7,000 hectares of sugar cane. Netafim has also explained it as the firm’s largest deal ever.
A delegation led by Adisu Mamo, the Deputy CEO of Industrial Parks Development Corporation (IPDC), visited Istanbul Free Industry and Trade Zone and discussed with its Director General about strengthening the relationship between Ethiopia and Turkey in trade and investment.
During the visit, representatives of the Istanbul Free Industry and Trade Zone revealed that they were interested to work with Dire Dawa Free Trade Zone in sectors such as solar energy, automotive supply, shipping supplies, machinery, and chemical and textile investment.
ITACA, an Italian fashion company launched a USD 15 million textile factory at Ashegoda, Tigray Regional State yesterday on October 18, 2019. The company’s CEO Federico Fraboni the factory had already began exporting clothes to Europe.
According to Haftom Fantahunegn, Investment Director at Tigray Trade, Industry and Urban Development Bureau, 1000 citizens are currently employed in the factory. He added that two additional textile factories would commence production soon.
Source: Ethiopian News Agency
A delegation of 50 Italian companies will be arriving in Addis Ababa, with the head of the Italian Trade Agency, to participate in the 18th Addis Chamber International Trade Fair, Fortune reported.
