Berenta Cement, an Ethiopian private limited company and Sinoma Cement of the China National Building Materials Group have signed a strategic cooperation framework agreement to jointly work in the development of the sector.
The signed agreement is aimed at cooperating strategically and investing jointly in order to build a cement factory in Shebele Berenta of the Amhara region.
During the signing ceremony, Amhara Region Chief Administrator Yilkal Kefale said the signed joint venture is of great importance to the region and the country in general.
He added that the regional administration will provide all the necessary support in order to complete the project as per its plan and start production.
Yilikal noted that upon completion, the factory is expected to meet the huge demand of building materials, particularly cement, create jobs, and avail advanced technology transfer.
“The signing ceremony is the beginning for the construction of the cement factory but I would like to remind all partners to work as quickly as possible to complete the project as per the plan. The people of Amhara and Ethiopia in genera as well as Amhara regional state are eagerly waiting for the completion of this factory,” Chief Administrator stated.
Chinese Ambassador to Ethiopia, Zhao Zhiyuan said China has been Ethiopia’s largest trading partner and source of investment for many years.
“Chinese investment projects cover a wide range of sectors such as processing, manufacturing, agriculture, and mining and have played a positive role in accelerating Ethiopia’s industrialization process, increasing revenue, and creating jobs,” he elaborated.
The economy of Ethiopia is developing steadily and rapidly, especially in the building materials industry and infrastructure construction has also been flourished with great potential and broad prospects, he emphasized.
Berenta Cement CEO, Biresaw Minalu said the business scope of the project includes products and services in the field of cement, gypsum, and gypsum board, glass, and glass fiber.
“Ethiopia is the gateway to continental investment opportunities with untapped plenty of resources and the second largest population in Africa. In addition the comparative advantage of investing in Ethiopia …free trade benefits, strong business and investment protection, availability of young and competitive labor and rapidly growing, infrastructure,” he noted.
Source: Ethiopian News Agency