Ethiopian and Korean Companies Create Partnership
Monday, 03 December 2012 13:30 Meron Tekleberhan Ethiopian Business News - Investment
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M.K International a South Korean multinational company created a partnership with an Ethiopian company called IMEAT plc (Industry, manufacturing, Engineering, Agricultural and Trading).
The Memorandum of Understanding was signed between the two companies, M.K and IMEAT, last Sunday. The Memorandum created a deal that is expected to result in a variety of business exchange including international trading, manufacturing, agent-ship for the local, industrial processing, and regional marketing.
The partnership is expected to help the two companies to invest an estimated 1 billion US dollars in a range of different sector. M.K International is also prepared to take advantage of its experience in industrial park development in Ethiopia.
The plan also allows for participating in larger government projects such as affordable housing projects, power projects (hydro and solar), Industrial park developments, organic fertilizer production, etc.
MK is initially planning to penetrate the Ethiopian economy in two ways in particular explained Dr. Hae-Jung Jung, chairman of M.K.
The first means is through directly financing IMEAT's investments in Ethiopia, which includes the manufacture of corrugated roof materials, carton box and per-fabricated houses. The second strategy calls for creating business associations with other parties in Ethiopia through IMEAT.
M.K is a multinational giant company with an annual turnover of 3.5 billion US dollar and it is currently involved in investment in 41 different nations around the world with more than half of them in Africa.
Source: The Reporter
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