Saudi and Indian investors have shown interest to engage in Ethiopia in power generation and livestock investments.
In an interview with FBC, representative of the Saudi electricity company and president of India’s meat processing plant Allanasons said Ethiopia has favorable situations which make it preferable for investment than other African nations.
Afzal Latif, president of Allanasons Ltd, said his company has engaged in meat processing in Ethiopia by taking into account the country’s livestock resources.
Allanasons has been investing widely in meat processing in Ethiopia. In its plant built at Modjo, Oromia Regional State, it created employment opportunities for more than 300 people.
The company will also inaugurate its second huge meat processing plant in Adami Tulu, the same regional state, in 2017.
According to Latif, Allanasons is planning to establish additional plant. “From my experience as an investor in Ethiopia, the country has favorable investment policy which makes it preferable than other African countries,” he said.
Established in 1865, Allanasons is India’s largest exporter of processed food products and agro commodities to over 85 countries.
With annual revenue of 3.5 billion US dollars, Allanasons has more than 8 plants in India.
Representative of Saudi electricity utility company, Raidl Artif, said Ethiopia’s ongoing efforts to attract foreign companies in power generation investment is encouraging.
“We will make more efforts to let Riyadh companies invest in Ethiopia,” the representative said.
Established 16 years ago, the Saudi company obtains 38.5 billon Saudi riyals on average annually.
[Fana Broadcasting Corporate]