Ethiopian government is to start procedures of allocating 2 million meters for Egypt’s cable maker Elsewedy Electric group to establish the Egyptian industrial zone there within the upcoming two years.
Elsewedy’s Chairman Ahmed El Sewedy told Amwal Al Ghad Sunday that the group is set to be the industrial developer for the zone in order to attract Egyptian investors to establish their projects there.
El Sewedy – also the head of the Egyptian side at the Ethiopian Egyptian Business Council (EEBC)- stated that African markets are always on the top of group’s investment plans.
The annual investments of Elsewedy Electric in African states are estimated at around US$500 million in energy and power fields, the official said.
On other side, Elsewedy added that the African international business forum Africa 2016 plays an important role in enhancing the Egyptian presence inside Africa .
The number of Egyptian firms working in Ethiopia is 137 whose investments are estimated at US$2 billion while the volume of trade exchange between the two countries is worth US$200 million.[amwalalghad]