For the past few years, Ethiopia has continuously attracted investments. Even despite the political ups and downs, the country’s foreign direct investment has been on an upward trajectory.
Ethiopia attracted USD 3.75 Bn worth of investments in the 2017/18 fiscal year. The country now aims to achieve USD 5.1 Bn in the current financial year.
Experts have attributed the positive growth to extensive infrastructural development and friendly government policies and strategies.
The resource-rich country has put strategic measures in place in an attempt to woo investors to pump money in their economy. A noteworthy thing they did is come up with an online investment guide.
The Sahle-Work Zewde-led country launched a web-based investment promotion tool in last year December that seeks to help investors discover opportunities in the country, business costs, key procedures and laws they may need to know before committing their money.
Hardly a year after they unveiled the investment promotion tool, the country has bagged a deal that will see USD 300 Mn pumped into their economy for the coming five years.
The investment is by Coca-Cola Company, an American multinational corporation. The company has made the announcement as they strategise on expanding.
The investment is part of a current project that the soft drink manufacturer is running where a new plant will be established at a cost USD 70 Mn. The new Coca-Cola Factory will be located in Sebeta and is expected to be the biggest plant for coca cola in Ethiopia.
Reportedly, the factory that will sit on a 14.3 hectares of land is set to be finalized early next year. It will have a manufacturing capacity of 70,000 cases per day.
The Sebeta plant will be Coca-Cola’s fourth factory in Ethiopia. The company has plans of setting up a fifth one in Hawassa, capital of the Southern Regional State.
Since its entrance in the Ethiopian market 60 years ago, the beverage manufacturer has created jobs for 2,200 locals and aims to further create 2700 jobs as it commissions the Sebeta plant.
“Coca-Cola has been present in Ethiopia for 60 years and we are proud to be associated with its growth.
“We plan to invest further and have also set some ambitious targets and goals around empowering women and youth, water conservation and access and management of plastic waste,” said Phillipine Mtikitiki General Manager for East & Central Africa.
Burno Pietracci, general manager of the East and Central African Franchise noted that the new investment also seeks to promote Ethiopia as a destination for other potential foreign investors.
Featured Image Courtesy: Newsy
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