Thursday, January 19, 2023
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BusinessChocolate, a new frontier for investment 

Chocolate, a new frontier for investment 

With a number of local and multinational chocolate factories looking at the Ethiopian market as a potential area to invest in, Ethiopia’s first pioneering chocolate store has opened shop. The exclusive store is to sell exclusive imports from Belgium, the world’s noted producer of brand name chocolate such as Godiva, Darci and Galler.

Ethiopia, one of the emerging nation with a growing middle class and a diplomatic core with spending power, continues to attract brand name stores within the capital. Named Bo Chocolatier, the store is located on the newly opened shopping center, Century Mall near the CMC area and had its grand opening on Valentine’s Day. The store is to sell dark, white, Choco-coffee, milk chocolates as well as flavored ice cream and coffee.

Within Ethiopia, there are numerous plans to open a chocolate factory, taking advantage of the continents vast availability of raw coca products, including the Haredo LLC chocolate factory, with an investment of USD five million from Sunshine Business PLC, along with investors from the United States and Europe. According to the African Development Bank, 75 percent cocoa production is in the continent while it only attracts a minimal 2 percent of its value that totals more than 100 million dollars a year.

In the past, DHL was the preferred way of bringing chocolates to Ethiopia from abroad, costing hundreds of birr for delivery alone. According to Bo Chocolatier, they hope to open several branches of the store all across the capital. Furthermore, it hopes the availability of products will undercut the need to pay excessive fee to import some of its products, according to Roman Rediet, the manager of the new store.

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