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· Walia Steel Industry Private Limited Company has urged the Government of Ethiopia to address the foreign currency shortage at the earliest
· The company also told the government to enable it to use its full manufacturing potential. Wail Steel is one of the fastest growing manufacturing industries in Ethiopia,
Walia Steel Industry Private Limited Company has urged the Government of Ethiopia to address the foreign currency shortage at the earliest. The company also told the government to enable it to use its full manufacturing potential. Wail Steel is one of the fastest growing manufacturing industries in Ethiopia,
The company’s general manager Badege Kebede said that the company wouldn’t be able to import inputs because of the shortage of foreign currency in the country. This had, among other things, affected the revenue realization of the government. The annual revenue of the company had reached one billion Birr four years ago. Now it has dropped to 600 Birr, a substantial decline. The tax the company pays to the exchequer is closely linked to the revenue it generates. Also, it affects the staff utilization and new recruitments.
The company also urged the government to give easy access to foreign exchange, which is difficult to come through for importing raw materials. Industries like steel, the company pointed out, can considerably reduce the costly imports and that way can save foreign exchange. In order to help the country to get scarce foreign exchange, the company is also exporting coffee from Ethiopia.
Owned by Sisav Investment Group, Walia Steel had started its
operations from Ethiopia in 2006, employing some 50 workers with an annual production capacity of 100,000 metric tons of steel. It is mostly focused on the construction sector.
