Soufflet Malt Ethiopia substitutes over 5.6 billion birr worth of import products locally

Addis Ababa, August 8, 2024 (FBC) – Fiseha Yitagesu, the CEO of Industrial Parks Development Corporation (IPDC), has stated that his corporation will provide the necessary support to Soufflet Malt Ethiopia SC, a subsidiary of the French agricultural group InVivo, to expand its investment in Ethiopia.

This assurance was given during a meeting between the CEO and the head of Soufflet Malt Ethiopia, Thomas Neveu.

During their discussion, the two officials exchanged productive ideas regarding the company’s current production process, increasing production and exports, as well as further investment expansion.

During the course of their discussion, Fiseha emphasized that Soufflet Malt Ethiopia has made a significant contribution to Ethiopia’s goal of replacing beer barley malt with domestic production.

He also mentioned that the company should begin exporting its products to countries like Kenya, which has a high demand for the product.

Furthermore, Fiseha confirmed that the company will receive comprehensive support to initiate its investment expansion on the additional 2 hectares of land it acquired at Bole Lemi Industrial Park.

Soufflet malt Ethiopia is one of the manufacturing companies which start its production in 2017 at Bole Lemi industry Park. The company invested more than 50 million USD investment capital plus working capital.

This investment has created job opportunities for over 110 citizens and market linkage for more than 60,000 farmers in the Arsi and Bale zones of the Oromia region. The company has also contributed to Ethiopia’s effort to enhance substitution, substituting over 5.6 billion birr worth of import products locally during the 2023/24 Ethiopian fiscal year.