Indian car company Vipar Auto FZCO has announced its intention to invest in the sector in Ethiopia.
This was announced following a meeting between Minister of State for Industry Mr. Hassen Mohammed and representatives of the company in Addis Ababa to discuss potential investment opportunities in Ethiopia that meet Vipar’s portfolio.
On the occasion, State Minister Hassen noted that the investment of Indian companies in Ethiopia will not only promote industrialization but also create significant economic and cultural ties between the two countries.
It was also noted that the company is engaged in vehicle manufacturing investments in more than 16 countries.
In Ethiopia, the company is lining up to engage in the production of electric cars and the conversion of gasoline-powered vehicles to electric vehicles, according to information from Ethiopia’s Ministry of Industry.
The company’s investment strategy will focus on the import substitution approach, the Ministry’s social media post indicated.
Source: FMC
