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Indian firms invest $85m in Biofuel and Paper plant in Africa

// August 12th, 2009 // Africa, Economy

India’s Emami Biotech will invest $80 million in Ethiopia to make bio-fuel while another Indian company, Anmol Products, has opened a $5-million paper factory, the Ethiopian government said in a press release on Monday.

“The first phase of the project has already begun at Awash Sebat Kilo some 250 km east of the capital Addis Ababa growing Jatropha, sunflower, castor, pulses and various herbs at a cost of $24-million,” the government said.

Ethiopia has allocated 1,6-million hectares of land for investors willing to develop commercial farms. Companies from Gulf and east Asian nations have been rushing to buy up farmland around the world to secure food supplies. Africa has become a favourite target, despite concerns about the effects of investment on the host countries

Ethiopia has long been a crucial logistical location for Africa. With investments like this in Africa, there is no telling were the future lies. Africa has come a long way and this is only making the climb sweeter.

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