ADDIS ABABA- Maltries Soufflet, a French company has signed a land lease agreement yesterday with Industrial Parks Development Corporation (IPDC) to build barely malting plant in Bole Lemi II industrial park in Oromia State. The plant has a capacity to producing 60,000 tons of malt and will commence production in 2020.
The agreement was signed between IPDC CEO, Lalise Leme and General Manager of Soufflet Malt Ethiopia.
During the occasion, Lalise said that the agreement would brought the multiple impact on the Ethiopian economy creating market for smallholder farmers, creating job opportunities for youths and solving foreign currency challenges reducing country's malt import.
"Ethiopia with its vast untapped potential is better country to invest in," said Christophe Passenlande, CEO of Maltries Soufflet.
Country's barely production capacity, malt demand growth company's extensive international experience will make efforts successful, he added.
Dr. Belachew Mekuria, Ethiopian Investment Commission, Commissioner on his part said that country's development model on agriculture; the most dominant sector of its economy is serving as an engine for industrialization.
"We are pleased with Soufflet's investment because it marks an intersection between the two and showcases the possibilities for international investment in this country."