October 25 2018

Sri Lankan giant investor enters Africa’s fastest economy

Source: The Exchance. East Africa's Investment Gatway

Sri Lankan and Ethiopian entrepreneurs have been urged to work closely to strengthen the economic cooperation between the two countries.

Venora Lanka Power Panels (Pvt) Ltd launched its manufacturing products in the Horn of Africa, with Ethiopia the targeted market.

The Sri Lankan firm continued to attest the faith in Africa’s fastest growing economy that continues to lure foreign investments to aid in economic growth and development. The new investor joins Isebella Socks Manufacturing Plc and Hirdaramani Garments Plc, already existing Sri Lankan firms in Africa’s oldest independent country.

The foreign companies not only seek to expand their market in Africa with greener pastures but look to tap in the industrial potential available in the country. Foreign investors have ventured into the industrial sector, that offers a variety of business investment opportunities. The construction of industrial parks has opened new doors of opportunities for companies with a view of creating jobs.

The country looks to increase its GDP by 11 percent annually in the next ten years with the manufacturing sector growing by about 25 percent every year. Ethiopia’s target by 2025 is to be the leading manufacturing hub in Africa. The country counts on inflows of foreign investments to catapult the ambitious goal while creating a conducive business environment for businesses.

Export-oriented manufacturer Venora Lanka Power Panels which works with world-renowned brands such as Schneider Electric, ABB, and Rexton has partnered with Ethiopian firms namely Eulogia Electromechanical PLC and Horra Trading PLC. Ambassador of Sri Lanka to Ethiopia Sumith Dassanayake has encouraged Sri Lankan and Ethiopian business people to work together to strengthen the bilateral ties between their respective countries through trade and investment.

Venora Lanka’ was recognized by the National Chamber of Exporters (NCE) at the 25th Export Awards held at Colombo Hilton for its excellent performance clinching the Bronze category Award in the industrial sector last year.

Other accolades the firm has scooped include the award for Quality and Business Prestige in November 2005 in Geneva Switzerland, Arch of Europe for Quality and Technology- Frankfurt in 2012.