By Yohannes Fentahun
Lada, the Russian vehicle manufacturer, and Ethio-Engineering Group have recently entered into a letter of intent to establish a vehicle manufacturing and assembly facility in Ethiopia. The agreement was officially signed by Ambassador Suleiman Dedefo, the CEO of Ethio-Engineering Group, and Ilya Savinov, the Sales and Marketing Vice President and Export Director of Lada.
As per the agreement, Ethio-Engineering Group will commence the assembly of Lada's unfinished products and also handle the importation of necessary components, ensuring a steady supply of vehicles to the market.
During the signing ceremony, Ambassador Suleiman emphasized the potential for Russian investors to explore opportunities in mining, agricultural product processing, and technology sectors in Ethiopia. He also reassured that the government would extend the necessary support for such investment ventures.
Ilya Savinov expressed that numerous Russian companies have expressed keen interest in investing in Ethiopia. He further highlighted the upcoming Russian-Ethiopian Business Forum, scheduled to commence tomorrow, which aims to bolster the investment ties between the two nations.
Ladas have been a prominent presence on Ethiopian roads since the socialist era of Ethiopia in 1970s. Renowned for their resilience and affordability, the brand has become a favored option among numerous drivers. Even today, the streets of Addis Ababa are adorned with the iconic blue-and-white liveried 1970s model Ladas, serving as reliable taxis.
