To diversify its existing agribusiness in Ethiopia, an Ethiopian – American company, ETHAMCO LLC, says it is open to venture with interested but reliable local or foreign company.
Using modern irrigation system, ETHAMCO has been engaged in production of fruits and vegetables around Awash River in Oromia region of Ethiopia.
Currently the company is planning to venture with interested but companies local or foreign to turn some of its 200 hectares of land into seed multiplication farm and aquaculture (farming of fish), Kebede Gashaw, founder and Manager of ETHAMCO.
“For the past few years we have been investing on irrigation system and all the necessary infrastructures to diversify from fruits and vegetables to other agribusinesses,” says Mr. Gashaw who returned ten years ago from the United States of America where he was working in agribusinesses.
“We now open to consider an investment partner with finance to kick start aquaculture and seed multiplication farm on the side of the vegetable farm,” he told New Business Ethiopia.
Though the company was initially established by Mr. Kebede and few of his friends who are residing in the United States, currently it has around 23 shareholders. He noted that the company is currently working to fully utilize its potential by diversifying and expanding its agribusinesses in Ethiopia, primarily focusing on production of exportable agriculture products.
As a pilot project initially the company began to multiply tomato seeds of Heinz Corporation by planting, harvesting, drying the seed, pack and export to the Corporation back to California, according to Mr. Kebede, who also stated that the company has also exported streamed beans to Belgium.
“In addition, we have also been producing, papaya, apple mango, tomatoes, and onions recruiting around 50 employees,” he said, indicating that fully implementing its projects on the whole 200 hectares of land can generate up to 120 million Birr annual revenue.