AvtoVAZ, the state-owned Russian automaker, and Ethiopia Engineering Group, an Ethiopian public enterprise, have signed a letter of intent to manufacture lada cars in Ethiopia.
CEO of Ethio Engineering, Ambassador Suleman Dedefo, and Sales and Marketing Vice President of AvtoVAZ, ILYA SAVINOV have signed the letter of intent representing their companies.
During the signing ceremony, ILYA SAVINOV stated that Russian companies are developing a keen interest in investing in the Ethiopian market. He added that the upcoming Russia-Ethiopia Investment Forum will bring an opportunity to strengthen the investment relations between the two countries.
Ambassador Suleman Dedefo, for his part, invited Russian companies to explore the flourishing investment opportunities in Ethiopia, pledging the government’s commitment to provide all the necessary support to businesses interested in the country’s market.
Ambassador Suleman cited the agriculture, agro-processing, mining, and manufacturing sectors in Ethiopia as suitable investment areas for Russian companies.
He said, according to the agreement, Ethio Engineering will start its operation by assembling Lada cars and will embark on full production of two well-known models of Russian automaker locally and export to African markets after meeting the local demand.