Egyptian Company, Elsewedy Electric Group, to Invest in Ethiopia
The Egyptian cable maker company called Elsewedy Electric Group is set to establish industrial zone in Ethiopia within the upcoming two years. This was stated at the African International Business Forum which was held in Egypt recently.
According to Egyptian Amwal Al Ghad English website, Elsewedy's Chairman Ahmed El Sewedy said that the group is set to be the industrial developer for the zone in order to attract Egyptian investors to establish their projects in Ethiopia. Thus, the Ethiopian government on its part would start procedures of allocating two million square meters of land.
The Chairman said that African markets are always on the top of group's investment plans. It was leanrt that the annual investments of Elsewedy Electric in African countries are estimated at around US$500 million in energy and power fields.
Meanwhile, the Egyptian Company for Solid Waste Recycling (ECARU) announced that it would supply alternative solid fuel to replace fossil fuels, notably coal, for the Ethiopian cement factories.
ECARU has signed a preliminary agreement with Messebo Cement Factory of Ethiopia on the supply of alternative solid fuel in Egypt recently, Amwal Al Ghad reported.
Moreover, ECARU CEO Hisham Sherif has as well signed a five-year memorandum of understanding with East African Mining Executive Director Basso Sodere of Ethiopia which would enable to establish a new joint venture in the near future.
The CEO further noted that the alternative solid fuel is one of the renewable energy resources since it has been extracted from agricultural wastes.
