Giant Canadian Mining, Agro-processing Companies to Invest in Ethiopia

Addis Ababa: Giant Canadian companies with significant potential in the mining and agro- processing industries are currently making preparations to invest in Ethiopia, Ethiopian Ambassador to Canada, Fitsum Arega said. In an exclusive interview with ENA, Ethiopian Ambassador to Canada, Fitsum Arega said the embassy is promoting Ethiopia's investment opportunities and favorable conditions in various spheres. Thus, Canadian investors with high potential in the mining and agricultural processing sectors are in the process of investing in Ethiopia, the ambassador elaborated. The ambassador pointed out that Canada is home to large companies with high experience and competence in mining development sector. Mining is one of the sectors that the government of Ethiopia has prioritized in its Ten-Year Development Plan, so efforts are being made to lure investors by promoting the rich resources of gold and other mineral potentials. With this, Allied Gold, a giant Canadian gold producing company, is expected to laun ch a project with an investment capital of nearly half a billion USD, he added. Moreover, ambassador Fitsum elaborated that effort is being undertaken in promoting companies to engage in the potash sector too. He explained that there is a Canadian company that has designed a 108 million USD project in the field of agricultural processing he said, adding discussions are also being held with six companies that have high potential in various investment sectors. On the other hand, he noted that a great deal of attention has been given to the promotion of tourism attractions in the country. According to Mining Ministry of Ethiopia, following the government's reform over the past few years, there is growing interest of foreign companies engaging in the mines sector across the country. Ethiopia with 1.1 million square kilometers area, has advantageous geography and geological conditions and unique mixtures of various minerals even in the same place. Beneath the fertile lands and vibrant landscapes of Ethiopia lies a treasure trove of untapped mineral wealth, a vast reserve of resources waiting to be unearthed and harnessed for the nation's economic prosperity, it was learned. Source: Ethiopian News Agency