(Ecofin Agency) - Ethiopia’s yearly car production capacity will soon rise to 10,000 units thanks to the first Hyundai’s East African assembly plant.

This assembly plant will not only meet Ethiopia’s market demand but also that of other East African countries amid a growing proportion of used cars in those markets.  

Thanks to this new plant that should generate numerous jobs, Ethiopia can reduce its car imports estimated at 40,000 units in 2017, according to figures reported by Reuters. For many years now, Ethiopia initiated an industrialization strategy aimed at boosting the contribution of the industry sector in GDP to 20% and 50% of the country’s exports by 2025. The country that has sustained growth (10.9% in 2017) also wants to become one of the leading investment locations in Africa.

“We have good opportunities in Ethiopia. We believe the economic growth in Ethiopia will be faster than any other country in middle Africa,” said Won Hee Lee, Chief executive of Hyundai.

Moutiou Adjibi Nourou