saudi king

King Salman bin Abdulaziz Al Saud of Saudi Arabia said his country is ready to support Ethiopia's ongoing development projects.

During his discussion with Prime Minister Hailemariam Dessalgen in Riyadh, he stated that the countries will work jointly to consolidate their development cooperation.

King Salman pointed out that the historic relation of the two countries has in recent years grown into comprehensive cooperation.

To further improve the economic ties of the countries, Saudi Arabia will send delegation of investors to Ethiopia soon, King Salman revealed.

Prime Minister Hailemariam Dessalgen said on his part that Ethiopia wants to be the destination of investors of Saudi Arabia which is one of the countries with strong economic power.

The premier pointed out that there is also favorable investment environment and policy preparedness to accommodate Saudi investors in the country.

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Fontana Flowers Plc, the largest Indian based horticulture company in neighbouring Kenya will begin operation of its horticulture farm in Ethiopia in the next few weeks at the cost of 11 million dollars. The company has leased a 100ha land at Wenjeta and Wegelta kebeles 20Km from Bahir Dar in the Amhara Regional State. Currently Fontana, which has hired 1,300 employees, is clearing land for growing roses and for warehouse construction. The company will exclusively grow different cut rose varieties. It will first start growing on 65ha, with a target revenue of 95.9 million dollars a year.

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Foreign investors operating in the country have indicated the huge potential in Ethiopia’s agro processing sector, in which many investors are showing interest.

The Ethiopian Investment Commission says the sector’s untapped potential is benefiting those already in the sector and luring more others.

In an exclusive interview with ENA, GetahunNegash Public Relations Director with the commission said the sector is enjoying huge government support due to its unexploited potential.

So far, both sides – the government and investors – are benefiting from engagements in the sector, Getahun said.
The communications director listed coffee, livestock products, oilseeds and pulses as well as fruits, vegetables and flowers, as potential raw materials for agro-processing.

Natural gums, spices and mineral products are also included among the list of raw materials for the sector.

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ORIGIN AFRICA 2015, an exhibition dedicated to improving African cotton, textile and apparel trade, kicked off in Ethiopia.

President Mulatu Teshome opened the exhibition with a remark.

The government has attached due attention to the textile sector in the second Growth and Transformation Plan (GTP-II) period since it generates foreign exchange and create more jobs, the President said in his opening remark.

Works are underway to resolve the bottlenecks and to search a reliable market for investors engaged in the sector, he said.

The exhibition will help Ethiopia promote its potential in the sector and attract more investors, he added.

Ahmed Abitew, Minister of Industry, said technical and vocational training institutions will work to address the skilled manpower problems in the sector.

Over 180 international manufactures and exporters represented from 25 countries are attending the event.

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Raymond is planning to set up a 2 million units per annum capacity plant in Ethiopia, at a total investment of US$100 million, to manufacture and export woolen-blended and cotton-blended jackets.

Currently, Raymond makes close to 2 million jackets at its Bengaluru facility - primarily woolen-blended and cotton-blended jackets - and exports some of them to the USA, Europe and Japan.

A more favorable duty structure and local incentives prompted Raymond to build a plant in Ethiopia.

Ethiopia has a 10-year duty-free trade agreement with USA, Europe and a preferential trade pact with Japan.
Raymond is also being provided land on long-lease by the Ethiopian government.

It will also get electricity at a price which is a third of the cost of power in India, apart from the labor charges, which are almost half of India.