A joint venture grinding mill company, ENGSKO Ethiopia, inaugurated an additional factory on November 19 with the capacity to produce fully finished mills. Established by Danish and Ethiopian companies with a total investment capital of 25 million birr 10 years ago, ENGSKO currently supplies millstones to the local and export markets.
State Minister of Trade and Industry Tadesse Haile said during the inauguration ceremony, that the Ethiopian government is currently focusing efforts to encourage joint venture investments.
"It is a means for technological transformation, knowledge and experience sharing, market penetration and management improvement," State Minister Tadesse said, adding that the venture will utilize Denmark's grinding mill expertise.
Ulla Toernaes, Denmark's Minister of Development Cooperation said that joint ventures also represent opportunities for gaining foreign currency and have the positive result of strengthening historical and cultural values of both countries.
ENGSKO Ethiopia Board Chairman, Mohamed Geresu, on his part said that the company started business in Ethiopia with a total investment capital of 4.5 million birr around Kaliti Sub-city. It has used over 50% local material to produce the millstones for local and export markets. The factory has the capacity to produce 25,000 units per year, employing 122 workers and plans to increase capacity tenfold.
Mohamed further said that the factory generated more than 10 million birr worth of foreign currency earnings in the last two years alone. The factory produces the millstones in 1,600 kg slabs and further plans to produce industrial and commercial weighing scales and grinding mills for local and export market.
The factory was established by Mag International, Abulkhase Plc, and Adem Bedane, along with three Danish shareholders, and started to produce 5,000 millstones annually for the local market only
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