Deputy Prime Minister Temesgen Tiruneh officially inaugurated the TTK Industry PLC Private Limited Company factory in Gondar city.
The new facility, which represents an investment of 373 million birr, is poised to enhance the region's economic landscape by producing semi-processed oil from soybeans.
The TTK Oil Factory, located in the heart of Gondar, boasts an impressive production capacity of 120 tons of soybean flour and semi-refined oil each day.
This substantial output is expected to not only meet local demand but also position the factory as a key player in the export market.
Officials have indicated that the factory will export its products to various countries, thereby contributing to Ethiopia's foreign exchange earnings.
During the inauguration ceremony, Deputy Prime Minister Tiruneh emphasized the importance of such investments in promoting economic growth and creating job opportunities for citizens.
"This factory is not just an industrial facility; it is a symbol of progress for our community and our nation. By harnessing local resources and providing employment, we are taking significant steps towards self-sufficiency and economic resilience,” he stated.
The establishment of the TTK Oil Factory is expected to create numerous job opportunities for residents of Gondar and surrounding areas.
Local officials have expressed optimism that the factory will significantly reduce unemployment rates and provide livelihoods for many families.
The jobs created will range from production line positions to administrative roles, fostering a diverse workforce.
Moreover, the factory's focus on utilizing soybeans aligns with Ethiopia's agricultural development goals.
By processing locally sourced soybeans, the factory supports local farmers and promotes sustainable agricultural practices. This initiative not only enhances food security but also encourages the cultivation of soybeans as a viable cash crop.
It was noted that as the TTK Oil Factory begins operations, it stands as a testament to Ethiopia's commitment to industrialization and economic development.
In addition, with its potential for job creation and export opportunities, the factory is set to play a crucial role in shaping the future of Gondar's economy and beyond.