Ethiopia: Turkish Company to Replace Steel Import in Ethiopia

Steel workers (file photo).

The Turkish steel company Tosyali Holding said that it is ready to enter into the Ethiopian steel industry using its experience of over 70 years in the sector.

In relation to his business visit to Ethiopia, the Company's Chairman Fuat Tosyahi told the local media journalists yesterday that Ethiopia has very strong and growing economy with large potential in the steel sector.

The Company has investments in Algeria that exceeds two billion USD. Likewise it is in the final stage to plant huge investment in Ethiopia aiming at substituting steel importation, the Chairman added.

He further said that raw materials which Ethiopia has been importing for the production of transformers and iron could be replaced by the Company very short after the investment has taken root soon.

"I had positive meetings with the Ethiopian Investment Commission Commissioner Fitsum Arega and State Minister of Foreign Affairs Dr. Akililu Hailemichael concerning the business and investment conditions in Ethiopia," the Chairman further said.

Foreign Affairs State Minister for Business Diplomacy Dr. Akililu Hailemichael for his part said that Turkey is committed to motivate its citizens to invest in Ethiopia.

Noting that Turkey is among the top three investment sources for Ethiopia, Dr Aklilu said the business companies investing in Ethiopia are highly contributing to the fast economic growth of the nation during the last couple decades.

Dr. Aklilu further highlighted that Ethiopia is a country committed to ensure peace and stability having large potential for investment in all sectors.

The Turkish Tosyali Holding is one among the leading iron and steel companies in Europe, it is learnt.

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