Foreign Minister Dr Tedros Adhanom held talks with Chairman of Allana Postash, Mr. Negib Abba and representative of the Israel Chemical Limited on Friday (March 21). Mr. Negib announced that his company is establishing a joint venture with Israel Chemical Limited (ICL).
The representative of the Israel Chemical Limited pointed that his company already invested 25 million USD and is conducting a feasibility study in Afar region for the exploration of potash, noting the total investment reaching 650 million USD. He explained the detailed plan of the company concerning its future activities, emphasized his company's readiness to erect a plant in the region with the technology needed and pledge to satisfy local demands.
Dr Tedros appreciated the willingness of the joint venture to invest in Ethiopia and added that the government of Ethiopia is committed to support and encourage all the endeavors by the respective companies. He also used this opportunity to call upon Israeli companies to invest in Ethiopia in particular in priority areas.
Israel Chemicals Ltd. is a multi-national manufacturing concern that develops, produces and markets fertilizers, metals and other special-purpose chemical products. ICL serves primarily three markets: agriculture, food and engineered materials. ICL produces approximately a third of the world's bromine, and is the world's sixth-largest potash producer, as well as the leading provider of pure phosphoric acid. It is a major manufacturer of specialty fertilizers and specialty phosphates, flame retardants and water treatment solutions.