The Turkish steel company Tosyali Holding is ready to enter into the Ethiopian market. The Company has investments in Algeria that exceeds US$ 2bn and is in the final stage to plant huge investment in Ethiopia aiming at substituting steel importation.
The Company’s Chairman Fuat Tosyahi confirmed the reports and said that Ethiopia has very strong and growing economy with a large potential in the steel sector.
He further said that raw materials which Ethiopia has been importing for the production of transformers and iron could be replaced by the company slowly after the investment kicks off.
“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 explained.
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.
Turkey is among the top three investment sources for Ethiopia, the business companies investing in Ethiopia are highly contributing to the fast economic growth of the nation during the last couple of decades.
About Tosyali Holding
With 70 years experience, Tosyali Holding is one among the leading iron and steel companies in Europe. It has a broad product portfolio in Hot Rolled Sheet, Ingot, Spiral Welded Pipe, Erw Pipe/Profile, Steel Granule and Roll Groups and is increasing its product portfolio with each passing day with the investments its newly makes.