Golden Africa, a Malaysian company is set to invest in edible oil manufacturing in Ethiopia creating jobs for 1,500 people in two years time.
Golden Africa Managing Director Mr Fouad Hayel who met with Mrs Fetlework G/Egziabher, Ethiopia’s Ministry of Trade and Industry indicated that the oil seeds processing factory will be operational in two years’ time creating 1,500 job opportunities for the community. The fact that Ethiopia is peaceful, much labor and close to the Djibouti harbor makes Ethiopia a good place for investors, according to Mr Fuad.
During the meeting in Addis Ababa on Tuesday, Mr Fuad has stressed that his company has the highest technology, financial capacity and well-organized logistics supply chain, according to the press statement from the Ministry.
Mrs Fetlework G/Egziabher has said that 90 percent of the edible oil in Ethiopia is imported from foreign countries. She noted that it is timely and appropriate in this sector due to the fact that the country has huge consumption of edible oil.
As the living standard of people improves, the consumption of edible oil and choice of preference increases including in the rural areas. She stressed that investing in the sector will lead a company to profit. She further stressed that the government has given priority for the investors who invest in the manufacturing sector.
She urged the company officials not to worry about the market of edible oil in Ethiopia because the country spends a lot of its currency for importing oil. The statement indicated that the Minister has mentioned Ethiopia’s strong tariff protection for investors who invest in the import substitute products.
Reports show that even though Ethiopia has the potential to grow oilseeds, the country imports 350 million metric tons of subsidised palm oil per annum mainly due to challenges in the oil value chain. Ethiopia has annual potential of producing more than 784,809 tonnes of oilseeds, according to the Central Statistics Agency of Ethiopia 2016.