Abay Industrial Development S.C lays a cornerstone for a wood products processing plant in Woldiya town in Amhara Regional State with one billion Birr investment. The foundation was laid by Getachew Tesfaye, board chairperson of the company and head of Trade, Industry & Marketing Development Bureau with the rank of Deputy Chief Administrator of Amhara Regional State, on April 24, 2017.
"The expansion of industries is indispensable to the region," said Getachew.
The factory, which is expected to be completed within three years, will utilise over 240,000 cubic meters of wood products annually and it will produce chipboard, timber and home and office furniture. It is expected to create 2,000 job opportunities and is located near the Woldiya-Hara railway station, which is currently constructed by the Ethiopian Railway Corporation.
Earlier this month, Abay has announced its plan to build 20 different factories with an investment capital of 16 billion Br. With a registered capital of four billion Birr, Abay has over 400 founding members.
A week ago, Abay also laid a cornerstone for the construction of a cement plant in Dejen town, 242Km away from Addis Abeba.