MIDROC Reports $390 Million in Export Earnings

MIDROC Investment Group generated more than 390 million US dollars in foreign-exchange earnings from exports during the last financial year and paid more than 31 billion birr in taxes, the group said on Wednesday.

The figures highlight the scale of the conglomerate’s contribution to Ethiopia’s foreign-exchange earnings and domestic revenue, as its businesses operate across manufacturing, agriculture, hospitality, services, construction and real estate.

MIDROC is preparing to showcase its businesses and products at “MIDROC Week”, a six-day exhibition and bazaar at Meskel Square in Addis Ababa from October 12 to 17.

Hunachew Taye, Director of Corporate Communication and Promotion at MIDROC Investment Group, said member companies would present their products and services during the event. The exhibition will also seek to create market linkages, while products and services will be offered to the public at what the group described as reasonable prices.

The programme will include panel discussions on MIDROC’s social responsibility activities, an area in which the group says it has invested part of its profits. MIDROC allocates 10 percent of its profits to charitable activities, according to the group.

MIDROC said it has created jobs for more than 80,000 people and currently has more than 45 companies operating across several sectors. It has been active in Ethiopia for more than three decades.

The group is also expanding its presence in hospitality. In addition to developing new tourism destinations, MIDROC is constructing new hotels ahead of the planned COP-32 summit, Hunachew said.

The exhibition comes as Ethiopian businesses face pressure to increase production, generate foreign exchange and contribute more to domestic revenues. MIDROC’s reported export earnings and tax payments point to the scale of those contributions from one of the country’s largest private investment groups.

Hunachew called on the public to attend the exhibition, which will run through October 17.

Source: FSX Business News