Euro Cable Private Limited Company, a joint venture between Ethiopian and Turkish, today inaugurates a new factory that triples its existing electric cable production capacity.
The facility, located in Gelan, Oromia Regional State, has a covered area of 10,500 meter square in a compound of 20,000 meter square. Euro Cable PLC, a joint Ethio-Turkish venture, was the first private enterprise to start manufacturing electrical cables in Ethiopia, the company said in its press statement.
The venture began with a starting capital of 55 million Birr (then approximately $5.5 million), and this latest major expansion will bring the estimated market value of its investments to over 1.2 billion Birr ($40 million). Over the years, taxes paid have amounted to about 1.4 billion Birr (US$47 million). Employees currently number nearly 200, and more than 1000 people directly and indirectly benefit from these jobs.
The company stated that customers have long recognized Euro Cable PLC for its uncompromisingly high and consistent product quality, and excellent partner relations. It said this has enabled it to maintain national market leadership in its economic sector. With sufficient raw material availability, we plan to maximize production capacity with more diversified product lines and later break through to exporting, the company said.
Elsewedy Cables Ethiopia of Egypt and Euro Cable are among the few cable manufacturing companies in Ethiopia. The country still imports huge amount of electric cable. Following the growth of construction sector, the demand for electric cable has been growing over the past years.