Kumtek Industrial PLC, a Turkish company, is set to build a factory in Ethiopia to manufacture home furniture and electronics items. The Turkish company will pump US$51m into the project.
The announcement was made recently as the Ethiopian president Mulatu Teshome held talks with the Board Member of Kumtek, Osman Koseolu, and the General Manager, Akturk.
The Ethiopian government has expressed its commitment to ensure that the project receives all the support it requires for the project to take off. It has already offered a piece of land in Sebeta with the necessary investment incentives.
Kumtek hav already established a market for their products in the countries neighboring Ethiopia, Europe and the United States.
The company is expected to start production in one year and produce goods worth US$1.6m annually for the local and international market.
The Ethiopian industrial production grew by an estimated 9.2% in 2012 and with the country slowly opening up to foreign investors the sector is projected to see a significant growth.