Saturday, January 15, 2011

Egypt to establish tobacco company in Ethiopia

Egypt will establish a large company for the cultivation of tobacco in Ethiopia in collaboration with a number of international companies specialized in the production and processing of raw tobacco, Egypt’s Trade and Industry minister Rashid Mohamed Rashid said on Tuesday in Cairo. Rashid Mohamed Rashid told reporters on Tuesday that this project comes within the framework of enhancing cooperation between Egypt and the Nile Basin countries. Furthermore, Rashid revealed that the resources of Egyptian Company for Chemical Industries, which will establish this project in Ethiopia, amounted to about US$1.5 billion at the state treasury in 2010. Last February, Egypt's cigarette monopoly Eastern Company was negotiating with the Ethiopian government to buy 10-20 hectares of land for growing tobacco. Source ( APA)

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