A new factory was opened in Ethiopia to produce plastic formwork. By producing locally, the factory aims to save over $15 million a year.
The factory, built at a cost of $8 million, was inaugurated by Industry Minister Melaku Alebel. He emphasized the priority of the manufacturing sector and the government's focus on improving policies and legal frameworks for economic growth, including increasing productivity and supporting sustainable growth.
The minister stressed the importance of investing in domestic industries to create alternatives to imports, supporting Ethiopia's Green Legacy initiative by replacing wooden and steel formwork with plastic.
Kasanesh Ayalew, CEO of HK Business Group PLC, announced that their factory is ready to produce reusable plastic formwork for local and international markets, importing technology from China and incorporating insights from developed countries. She emphasized that formwork accounts for 20-25% of construction costs, positioning the factory to meet domestic demand and export to neighboring countries.