Toyota Tsusho Corp targeting new economic power “Ethiopian Market” in Africa
Date: July 22, 2017
July 22, 2017 – Toyota Tsusho Corporation, a Japanese company, globally known in automotive manufacturing, has targeted Ethiopia as its new African destination in the coming few years, according to the Reporter.
Yoshihiko Yokoi, vice president of Toyota Corporation, who is also chairman of Japanese Association of Corporate Executives, told The Reporter that Ethiopia will be the next destination for the company he is leading and for other Japanese investors, as well.
As a startup, Toyota has already finalized a deal to joint venture with another Japanese company and enter the Ethiopian market, the vice president told The Reporter. According to him, Toyota has already bought 40 percent stake from Hiroki Co. Ltd, another Japanese firm, which is in the pipeline to be engaged in garment business in Ethiopia.
Hiroki Co. Ltd is setting up a USD 400,000 manufacturing operation in Ethiopia, where it will produce shoes and other luxurious accessories made from sheep leather.
“We decided to open a factory in Ethiopia because of the availability of quality raw leather material. It is one of the finest leathers in the world,” Youngil Song, president of Hiroki Addis, was quoted as saying in a Japanese news outlet.