Foreign Companies Sign Investment Agreements Worth of over 1.6 Bill USD to Invest in Ethiopia

The Ethiopian Investment Commission has today signed investment agreements worth of more than 1.6 billion USD with various foreign companies.

The Memorandum of Understandings were signed on the margins of the international investment forum being held in Addis Ababa.

The first agreement was signed with Sonoma Cement Co. Ltd to engage in the production of cement, mining gypsum and marble mining and processing float glass, roofing materials among others with a capital of 500 million USD.

The second agreement was signed with AI Foods and Unilever manufacturing plc to engage in foods manufacturing with a total capital of 45 million USD.

AI Foods PLC and Unilever Ethiopia declare their intention to invest in nutritional foods manufacturing.

AGP (ethio- chicken) has also signed agreement to expand existing project in Ethiopia with a capital of 20 million USD.

It is aimed at increasing access to poultry products to the vast Ethiopian population.

Jiangxi Lvzhouyuan wood industry Co. Ltd has also signed a new agreement to produce medium density fiberboard with a capital of 80 million USD.

Shandong Timber and wood products association has signed a total investment project of one billion USD to engage in park construction and equipment among others.

The company interested to establish Shanmu Group (Ethiopia) Co. Ltd as the future group company.

After the signing ceremony, Ethiopian Investment Commission commissioner Lelise Neme said the agreement is a huge milestone for Ethiopia.

She pledged that the government will provide every supports for the companies in every process to help them become successful.

The three-day 'Invest Ethiopia 2023’ international investment forum being held under the theme "Invest and Grow in Ethiopia – The Land of Attractive Investment Opportunities," is expected to be concluded today.

The forum was attended by more than 600 new foreign direct investors and expected to generate more than 3 billion USD in investments in Ethiopia over the next few years.

The commissioner added that this forum will continue next year and such engagements will also continue.

Despite challenges there is a great hope in Ethiopia and new investment is coming to Ethiopia, she added.

Source: Ethiopian News Agency