London (HAN) May 6,2015 Regional Investment News. The United Kingdom government has expressed delight at its expanding joint investment with Ethiopia, following the inauguration on Tuesday of a new ‘food factory’ in the East African country.
‘Ahadukes Food Products’ factory is a joint investment between UK-based Vasari Investments Group and Ahadu PLC; and envisages growing the initial US$36 million investment into a US$120 million project within a few years.
At the inaugural ceremony witnessed by high profile dignitaries â€“ including the Regional President and the mayor of the town of Bishoftu, which lies south-east of Addis Ababa, the capital, where the factory is located, the UK envoy Greg Dorey explained that the Ahadukes project goes very much with the grain of the government of Ethiopia’s desire to add value to agricultural production through the establishment of new processing methods and establishments.
The project, he adds, will contribute to import substitution and meeting export targets as well as creating large numbers of jobs and transferring technology. â€œI gather the Regional President recently presented Ahadukes with a special reward in recognition of the importance of this investment to the Oromia region. This is great news!
â€œJust a few years ago, there was comparatively little UK investment in Ethiopia -though it did exist and there are a few very long-term British players in the market. But I am very pleased at the way in which our investment has taken off dramatically from this low case in recent years. This is in a variety of sectors, but food and beverages continue to be one area in which we think the UK has a great deal more to offer to the Ethiopian market, he said..
Vasari is an operationally led investment group focussed on the fast moving consumer goods sector and associated value chain; with significant experience in both developed and emerging markets with a strong heritage spanning over 30 years throughout the African continent. Ethiopia is now seen as a core market for Vasari and its commitment to the market is highlighted by the existence of two permanent in-country representatives who have a wealth of experience across numerous spheres of the Ethiopian economy.
A common theme throughout these investments, including Ahadukes, is for Vasari to work closely with their local Ethiopian partners to grow and expand each business. Officials believe they are keen to make other investments in Ethiopia in the future.APA