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Turkish firm announces $1.5bn investment plan in Ethiopia

Turkey’s Reyrich Plastic Company on Friday announced plans to launch a solar energy project in Ethiopia with an outlay of $1.5 billion.The chairman of the company’s Board, Nehad Alayyoub, made the announcement after a Turkish delegation led by him, met with Ethiopia’s President Mulatu Teshome at the national palace in Addis Ababa.

“The project is very promising and will generate 600 MW power,” Alayyoub told journalists after the talks.

The 40-member Turkish business delegation which comprises companies from pharmaceuticals, chemicals, machinery, energy and iron & steel, among others have been assessing business opportunities in Ethiopia since Wednesday.

Representatives of World Medicine Pharmaceuticals, Farmasol Medical Products and Istanbul Techknik, engaged in the manufacture of medicines, medical devices and consumables, and building materials & civil engineering are among members of the delegation.

The chairman said his company will be enjoying the full support of the Ethiopian government to start the project as soon as possible.

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