Russian investors show interest in fertilizer, metal production in Ethiopia

A discussion was held in Moscow aimed at exploring the ways that would help Russian and Ethiopian investors join hands in utilizing investment opportunities in Ethiopia.

The discussion forum brought officials of the Ethiopian Ministry of Trade and Russian investors engaged in various businesses together. On the occasion, it was stated that the manufacturing industry sector in Ethiopia is gaining experiences and technologies from foreign investments to play an active role in the economy.

The Competency and Licensing Division Head at the Ministry of Industry, Kassaye Wagaye, stated that ample experiences have been attained from foreign business on how to attract more foreign direct investments and promote joint ventures.

Kassaye stated that Ethiopia and Russia have been enjoying close partnership in the education, science and technology, stressing the need to enhance the ties in the trade and investment spheres.

Pertaining to Russia’s keen interest to tap the African market, Russian investors are now making Ethiopia their preferred investment destination, Kassaye noted.

Kassaye explained that following the discussion the Russian investors expressed their interest to engage in production of fertilizer, chemical and metals and mining sectors.

The horticulture, agricultural machinery and pharmaceuticals are also the areas the Russian companies are interested in, according to Kassaye.

The Industry Minister has inked MoU with 6 Russian companies which are keen on investing in textile, metal engineering and pharmaceutical sectors in Ethiopia, the Head added.

Source: FanaBC