Volkswagen signs deal to develop Ethiopia’s automotive industry

Volkswagen has signed a deal with Ethiopia to help develop the country’s automotive industry.

The Memorandum of Understanding (MoU) was signed between the government of Ethiopia and Volkswagen on Tuesday.

Ahmed Shide, Ethiopia’s Minister of Finance and Economic Cooperation, and Abebe Abebayehu, the Commissioner of Ethiopia’s Investment Commission, were present during the signing of the agreement. Frank-Walter Steinmeier, the President of Germany, and Thomas Schaefer, the head of Volkswagen in Sub-Sahara African region, also participated in the signing of the MoU.

The agreement will see Volkswagen set up a vehicle assembly facility in the East African country.

Volkswagen said it is excited to sign the deal with Ethiopia. The automotive company recently signed a similar agreement with Ghana and Nigeria. […] CONTINUE READING