American Menswear Clothing Company Begins Exporting Products from EthiopiaThe Texas-based menswear clothing company, Trybus Group, has started exporting by dispatching 4,000 men’s suits worth 60,000 USD from Kombolcha on May 22, 2019.

The company has created 533 jobs in the first phase and plans to export more and generate better forex, it was learned.

When fully operational, it will create 1000 jobs.

Kombolcha Industrial Park CEO, Mulugeta Mekonnen said the park with 9 shades was transferred to 5 investors and 3 of them have been exporting their products to Far East, Europe, U.S and other countries.

See More at: https://www.ena.et/en/?p=7911

 

 

 

 

 

EU Ethiopia Business Forum to Lure European InvestorsThe Ethiopian government has revealed that the European Union (EU) -Ethiopia Business Forum, which kicked off Tuesday in Brussels, envisaged to lure more European investors to Ethiopia.

The Ethiopian Investment Commissioner Abebe Abebayehu, disclosed that the EU-Ethiopia Business Forum, being held from May 14 to 15 in Brussels, capital of Belgium where the EU headquarters are located, would enhance European investments to the East African country.

"The Forum brings together European investors that have shown interest in investing in Ethiopia," said Commissioner Abebe, describing the huge potential of the Forum in attracting European investors to Ethiopia.

The Commissioner also stressed that Ethiopia's "big market, abundant and competitive labor, huge potential for local sourcing of raw materials" are pull factors for the FDI inflow to the country.

The East African country mainly envisaged to promote and attract European investors in various light-industry, textile, apparel and leather, among others.

There are currently over 300 European companies that are active in Ethiopia, making Europe the second-largest investor in Ethiopia, next to investments from China, it was learned.

The Ethiopian business promotion team is mainly expected to "share first-hand information about Ease of Doing Business and Investing in Ethiopia with some 100 attending European companies and trade-enabling organizations."

KPR Group Inaugurates 2.5m Built Plant in Mekelle Industrial ParkKPR Group, an integrated textile manufacturing company from India, inaugurated today its plant built at a cost of $2.5 million at the Mekelle industrial park, Tigray regional state.

KPR made its first apparels export from Mekelle industrial park to the European Union market in January 2019. It has so far exported more than 200,000 units in two-rounds, it was noted at the inauguration ceremony.

Dr Debretsion Gebremichael, Deputy Chief Administrator of Tigray regional state, stated that the inauguration of the plant would contribute a lot is assisting Ethiopia’s industrial transformation.

The company has created employment opportunities for more than 700 people, it was stated.
Meanwhile, Dr Debretsion said a study confirmed the presence of special oil deposit at Ambalage, Nebelet and Adigrat mountainous areas.

He said the special oil will be produced by crashing and melting stones. Efforts will be made to use the resource by inviting global companies as it requires huge amount of investment capital.

See More at: https://fanabc.com/english/2019/05/kpr-group-inaugurates-2-5m-built-plant-in-mekelle-industrial-park/

 

Ethio EU Business Forum opens in BrusselsHosted by the European Commission, the Ethiopia-European Union (Ethio-EU) business forum opened in Brussels, Belgium on May 14, 2019.

The two-day event brought together European investors that have shown interest to investing in Ethiopia, said Abebe Abebayehu, Commissioner of Ethiopian Investment Commission (EIC).

Executives from Volkswagen and Unilever discussed the vast opportunities Ethiopia avails as an investment destination, it was noted.

Big market, abundant and competitive labour, huge potential for local sourcing of raw materials highlighted as pull factors for investing in Ethiopia.

Agro-processing, textile, apparel and leather as well as pharmaceutical, medical and ICT are focus areas of the forum.

 

 

 

 

French Hospitality Company Plans to Open in EthiopiaAccor SA, a French multinational hospitality company, plans to open seven hotels in Ethiopia by 2020.

Mark Willis, CEO for Middle East and Africa of the European hotel operator, said Accor will open a total of 60 new hotels in 14 countries in Africa in the next four years.

Key markets in Accor’s growth plan include Nigeria, Ethiopia and South Africa, where it will open 10, seven and three hotels respectively by 2020.

Accor has 143 hotels in Africa, 63 of them south of the Sahara, and will promote its Movenpick luxury brand, Willis said.

Accor invested $150m, while the Qatar Investment Authority unit put in $350m. The remaining $500m will be raised through bank loans, according to Willis.

It may expand through mergers, acquisitions and partnerships on the continent, including in SA, where Accor is already considering several opportunities, Willis said.

In a recent survey W Hospitality Group, a Lagos-based firm, Ethiopia stood four in hotel development. According to the Survey, Egypt, Nigeria, Morocco and Ethiopia are the four top hotel development destinations in Africa.

See More at: https://www.ezega.com/News/NewsDetails/7094/French-Hospitality-Company-Plans-to-Open-7-Hotels-in-Ethiopia