ADDIS ABABA – The Ethio Engineering Group (EEG) announced it has turned a profit after overcoming bankruptcy over the past two years.
During the weekend, the EEG inaugurated its newly renovated main office building in the presence of Board Chairperson Abraham Belay (PhD), senior government officials, and the EEG leadership.
Speaking at the event, EEG Chief Executive Officer Suleiman Dedefo (Ambassador) highlighted the group’s commitment to its mission and alignment with the government’s vision for the manufacturing sector. He noted that significant efforts during the reform period helped reverse the group’s financial crisis, putting it back on a path to success.
“The efforts to reverse bankruptcy are starting to pay off, but we must continue to work collectively to ensure long-term success,” Suleiman said. He attributed the group’s challenges primarily to foreign exchange shortages, but expressed optimism that recent macroeconomic reforms, particularly the foreign exchange flotation, would help overcome these obstacles.
Suleiman also emphasized that the EEG would continue to capitalize on available opportunities to strengthen its profitability.
Irrigation and Lowlands Minister and EEG Board Chairperson Abraham Belay (PhD) praised the national reforms, which have driven promising institutional changes within the manufacturing sector. He pointed out that the EEG’s mission includes addressing gaps in the manufacturing sector, creating national brands, and introducing new technologies.
The Minister encouraged the EEG to fully leverage the advantages created by recent macroeconomic reforms to enhance its competitiveness and effectiveness.
Tigistu Amsalu, a representative from the Public Enterprises Holding and Administration (PEHA), added that the 10 enterprises under PEHA collectively mobilize around 1.7 trillion Birr in capital and contribute over two billion Birr in taxes annually, playing a crucial role in the nation’s economy.
BY TSEGAYETILAHUN
THE ETHIOPIAN HERALD TUESDAY 10 SEPTEMBER 2024
