MetEC to buy 10 industries from Asia

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Metal and Engineering Corporation (MetEC), a state-owned enterprise is in the process of acquiring ten metal and metal-related industries from Asia.
The corporation, which is involved in several mega governmental projects, is establishing large metal industries in the country, developing a range of plants in the mechanical sector, to help boost the country’s development.  Sources at the corporation told Capital that MetEC is scheduled to establish several metal industries that shall feed major metal projects the corporation is engaged in. The corporation is currently in the process of purchasing 10 metal and metal-related industries already set up abroad and will arrange for their transfer to Ethiopia in order to set them up in the different regions in the country.
According to these sources, corporation officials have been negotiating and making deals for nearly a year to buy up the above-mentioned industries in Asia for relocation. And even though the deals haven’t been finalised yet, it was indicated that MetEC plans to buy and relocate ten industries from China and India. According to experts, while these industries have been manufacturing products for the past several years in their respective countries, the corporation made the decision to purchase and transfer them here, because it would be less costly than establishing similar new industries. Our sources explained that the metal factories included in the purchase shall mainly be engaged in the production of metal spare parts, bolts and nuts and the likes.
MetEC is scheduled to undertake crucial projects in the coming years as part of the five-year Growth and Transformation Plan (GTP) and has secured a huge budget to expand its capacity in terms of quality and quantity of production. The corporation has hence become one of the major government corporations spending billions of birr on different new and expansion projects. Currently, MetEC is involved in different electric power projects, including the Grand Renaissance Dam, the development of sugar factories and fertilizer industries.
The Corporation has also exhibited an interest in partnering with foreign companies in its endeavour to develop the country’s nascent industries. It is now in partnership with Europe’s second largest power equipment manufacturer, Alstom SA, the US-based solar panel manufacturer Spire Corp. and the China Poly Group Corporation, for its engineering and manufacturing contracts.
Meanwhile, MetEC has been contracted by the Ethiopian Electric Power Corporation (EEPCo) to put together the electro-mechanical works for the 80 billion-birr ($4.3 billion) hydropower project  the Grand Ethiopian Renaissance Dam on the Blue Nile River in partnership with Alstom. The France-based company will supply eight turbines and generators to MetEC and will commission the plant. It is the main electromechanical and hydraulics steel structure contractor of the Renaissance Dam. The Corporation has provided steel products used for the work of diverting the course of the river, which was officially commissioned on May 28.
MetEC is also building a Coal Phosphate Fertilizer Complex in the Oromia Regional state and is the main contractor for the Sugar Corporation, a state-owned enterprise developing cane plantations and building multiple processors across the country at a cost of about USD 5 billion. 
The Metals and Engineering Corporation, a conglomerate of several industries formerly under the Ministry of Defense, was established in 2010 with a capital of 10 billion birr. MetEC now operates Dejen Aviation Industry, Gafat Armament Industry, as well as others, including plastic, tractor and vehicle spare-parts manufacturing plants that were transferred from the Privatization and Public Enterprises Supervising Agency (PPESA). 
The Construction Machineries Manufacturing sub-industry of MetEC can assemble construction machineries such as excavators, smooth compactors, bulldozers, loaders, forklifts, cranes, rock drillers and deep-well digging machineries to support the development of the country.
The corporation also has industries assembling automotive and electrical devices.