Consumer products giant Unilever is reportedly planning to open a factory in Ethiopia, continuing its African growth strategy.
Bloomberg reports that the company, which currently imports its Knorr stock cube and Omo laundry products into the Horn of Africa nation, is currently renting a premises for a plant in Dukem’s Eastern Industry Zone.
“We’ve taken a long-term investment decision in Ethiopia because of the demography, broad-based growth and opportunity to create a genuinely inclusive and sustainable business model from scratch,” Dougie Brew, head of corporate affairs in Africa, said.
Last May Unilever said it planned to double African revenues in five years. Capital Ethiopia and others have reported that Unilever incorporated subsidiary Unilever Manufacturing PLC in Ethiopia in January.
According to an International Monetary Fund report released last October, the country’s economy had averaged growth of 9.3 per cent per year over four years, and was expected to grow by eight per cent in the year to July 7.