Turkish conglomerate keen to invest in Ethiopia

Addis Ababa, May 8, 2018 (FBC) – A prominent Turkish conglomerate called Eczacibasi, known for pharmaceuticals, building materials and fast-moving consumer goods unveiled its strong desire to invest in Ethiopia.

The company noted this during a meeting between State Minister for Foreign Affairs Dr. Aklilu Hailemichael and its representatives on today

Mentioning the attractive incentives for foreign investors, stability of the country coupled with a growing market and friendly business environment, the Turkish group said Eczacibasi has chosen Ethiopia as a main gateway to Africa.

Aiming to use the company’s foothold in Ethiopia to serve not only local market but also surrounding regions with exports from Ethiopia, the company will start its venture in construction materials.

Commending the company’s keenness to invest in Ethiopia, Dr. Aklilu said that as the country is heavily investing on infrastructure in urban as well as rural areas, the conglomerate made quite a wise decision to invest in the sector.

This, added the State Minister, would further add value to Government’s efforts to strengthen local producers’ share in the country’s economy through import substitution.

Ethiopia through its five-year Growth and Transformation Plan (GTP) has embarked the import substitution initiative as a major alternative to increase domestic production and reduce foreign currency outflow. By doing so, Ethiopia has saved over 2.3 billion U.S. dollars in just less-than five years period.

Dr. Aklilu also called for more Turkish based investors to exploit the country’s untapped investment opportunities and attractive investment policies.

Ethiopia has remained the largest investment destination for Turkey in Africa and has so far attracted over 2.5 billion US dollars of the total six billion US dollars Turkish foreign direct investment in Africa.