Ethio Engineering Group (EEG) revealed that it had turned a profit after overcoming bankruptcy - which was prevalent over the past two years. The company celebrated this achievement by inaugurating its newly renovated main office building over the weekend.
At the event, EEG CEO Ambassador Suleiman Dedefo emphasized the group's renewed commitment to its mission and alignment with government goals for the manufacturing sector. He credited the recovery to significant reform efforts and expressed optimism about overcoming past challenges, particularly foreign exchange shortages, with recent macroeconomic reforms.
Irrigation and Lowlands Minister Dr. Abraham Belay, also EEG Board Chairperson, urged EEG to leverage these reforms to enhance competitiveness. Tigistu Amsalu from the Public Enterprises Holding and Administration highlighted the crucial economic role of PEHA’s enterprises.
In August this year, the company unveiled plans to construct a modern steel factory. The project is slated to commence in Nekemte city during the current fiscal year. The facility will comprise three distinct production units dedicated to transforming iron ore into various steel products. With a projected investment of between USD 76 and 87 million, the factory is expected to be operational within a year of construction commencement.
The company’s automotive manufacturing industry in Bishoftu town is also set to enter the market with its N7 Pickup model. Bishoftu Automotive Manufacturing Industry is planning to produce 250 N7 pickup model vehicles during the current fiscal year. In the first round of this ambitious plan, 39 N7 pickups have been assembled and are ready for delivery to customers. The new N7 Pickup model vehicle is the latest addition to the Industry’s product lineup and is equipped with modern technology.
Ethio-Engineering Group (EEG) is a Governmental business enterprise re-established in September 2020 under the FDRE Council of Ministers regulation No. 475/2020.It is engaged, among others, in manufacturing and trading of automotive products, agricultural machineries, construction machineries, power and electronics equipment, metal and metal products, and plastic and polymer products.
Currently, it has nine subsidiary industries that have their own manufacturing facilities in various parts of the country. These are Akaki Basic Metal Industry, Metals Fabrication Industry, Construction Machinery Manufacturing Industry, Electronic Equipment Manufacturing Industry, Power Equipment Manufacturing Industry, Addis Machineries and Spare parts Manufacturing Industry, Adama Agricultural Machinery Manufacturing Industry, Ethiopia -Plastics Industry and Bishoftu Automotive Manufacturing Industry.
Source: The Ethiopian Herald & Fana BC
Additional source: EEG
