Eight public development organizations have officially joined Ethiopian Investment Holding.
The newly added companies include Ethio Post, Ethio Engineering Group, Ethiopian Industrial Resources Development Corporation, Ethiopian Railways Corporation, Industrial Parks Development Corporation, Ethiopian Development Bank, Ethiopian Electric Power, the National Animal Health Institute, and ShieldVax, which is part of the Ethio Pharma Group.
The official meeting and introduction program, held today, was attended by Brook Taye, CEO of Ethiopian Investment Holding; Frehiwot Tamru, a board member of the holding and CEO of Ethio Telecom; as well as the heads of the development organizations.
Brook Taye, CEO of Ethiopian Investment Holding, explained that the holding, established as part of Ethiopia’s economic reforms, now owns and manages 40 development companies. He emphasized the successful efforts to improve corporate management and profitability within public development organizations.
Brook Taye further stated that Ethiopian Investment Holding operates on the principle that the nation’s wealth should outweigh its debt. With this in mind, the holding is dedicated to recognizing, managing, and utilizing the assets of public development organizations for the benefit of the country.
Frehiwot Tamru, Ethiopian Investment Holding board member and CEO of Ethio Telecom, highlighted the critical role of public development organizations in generating income, building infrastructure, and creating jobs. She noted that these organizations contribute significantly to the country’s development by improving citizens’ lives, streamlining public services, and enhancing both revenue and expenditure management.
She also stressed that for development organizations to remain competitive, profitable, and sustainable in both local and international markets, they must strengthen their operations, institutional organization, and policies.
Habtamu Hailemichael, Deputy CEO of Ethiopian Investment Holding, stated that the holding has been entrusted with enhancing the effectiveness of development organizations by focusing on commercial considerations and the efficient management and development of government resources. As part of this mandate, the eight development organizations previously under government management have now joined the holding.
He emphasized that these public development organizations should receive special attention to expand investments across various sectors, products, and geographic areas. He reassured that the holding would provide the necessary support to help government development companies generate income, increase profitability, and strengthen their public image.
Fisa Yedegesu (Dr.), CEO of Industrial Parks Development Corporation, expressed excitement about the corporation’s inclusion in Ethiopian Investment Holding, calling it a significant opportunity. He noted that the development of industrial parks will offer great potential for boosting industrial productivity. He particularly highlighted that providing integrated infrastructure to investors would attract more investment.
The CEO of Ethio Post also spoke about the benefits of managing development organizations under one umbrella, stating that this would enhance the effectiveness of the companies and ultimately benefit the country and its people. He added that Ethiopian Post’s inclusion in Ethiopian Investment Holding would help sustain its profitability while fostering closer collaboration with other companies under the holding.
