Indonesian pharmaceutical and food processing companies to invest in Ethiopia
At least two pharmaceuticals and one food processing Indonesian company have finalized their business assessment to invest in Ethiopia, the Indonesian Ambassador to Ethiopia Al Busyra Basnur told The Reporter on November 5, 2020.
Already in the process of venturing into the Ethiopian economy when the Coronavirus pandemic struck, the companies are said to be waiting for the pandemic to subside.
The Indonesian Ambassador further stated that one of the pharmaceutical companies has leased land near Dukem to build a factory, while the food processing company is discussing with local partners to form a joint venture.
“Indonesian businesses consider Ethiopia as one of the fast-growing countries in Africa,” said the ambassador, indicating that Ethiopia is the second largest Indonesian investment destination in Africa next to Nigeria.
Five Indonesian companies currently operate in Ethiopia, producing garment, instant noodles, and detergent products.
The Ambassador underscored that the potential for further economic collaboration is huge between the two countries that have half a century of diplomatic relations between them.
Sources indicate that the total annual trade volume between the two countries is nearly 72 million US dollars.
The Indonesian Embassy organized an event held at the Sheraton Addis on November 5, 2020, to announce the Indonesian Annual Virtual Trade Expo and send an invitation for Ethiopian businesses to attend the expo from Nov.10 to Nov.16.
Speaking at the event, President of the Ethiopian Chamber of Commerce, Melaku Azezew (Eng) called on the Indonesian Ambassador to work on further investment cooperation in the areas of Agriculture and Manufacturing industries.
"Considering Ethiopia's booming population and demand surge, it is very crucial to know how Indonesia is feeding the world's fourth-largest population," remarked Melaku.
At least 22 Ethiopian businesses participated in the previous face-to-face edition of the expo held in Jakarta.