Ethiopia is prepared to welcome potential investors and to establish advantageous conditions for them.
Prime Minister Abiy Ahmed delivered the remarks at the 60 million Soufflet Malt Factory inauguration ceremony at Bole Lemi Industrial Park. The inauguration ceremony was attended by FDRE Prime Minister Abiy Ahmed (Dr.), French Ambassador to Ethiopia Remi Maresho, Minister of Industry Melaku Alebel, Chief Executive Officer of the Industrial Parks Development Corporation Sandokan Debebe, Ethiopian Investment Commission Commissioner Lelise Nemi, and other invited guests. Ethiopia is one of the countries that has benefited from France's good ties, according to Prime Minister Abiy Ahmed (Dr.) addressing at the ceremony. On behalf of Ethiopia, he extended appreciation to the French government and its ambassador. He sees this venture's success as evidence of Ethiopia's favorable investment climate. Ethiopia would also supply the corporation with all of its barley imports, he added. Ethiopia, according to Prime Minister Abiy, is an investment-friendly country that is ready to welcome investors willing to spend large sums of money and establish advantageous conditions for potential investors. Sandokan Debebe, CEO of the Industrial Parks Development Corporation, stated the corporation's investment in industrial parks benefits Ethiopia in terms of foreign exchange revenues and knowledge transfer. He claims that the recently inaugurated Soufflet Malt Production Company will substantially benefit Ethiopia's efforts to substitute homegrown products. By connecting more than 50 thousand farmers, he claimed the company has a big role to play in boosting seed research, product supply chain, seed multiplication, and crop management. Finally, he stated that the corporation is concentrating on proxy production and that it is potential to save more than $ 50 million in malt yearly.
The company has spent $60 million on a state-of-the-art facility and $2 million on improving the supply chain, seed supply, seed multiplication, and crop management with the help of 50 agricultural extension specialists. It collaborates with over 50,000 smallholder farmers and cooperatives. The company, which currently produces over 60,000 tons of malt per year, intends to grow production to 100,000 tons in the next years.