Two Lankan companies enter joint venture to manufacture perfumes, cosmetics in Ethiopia
Ogabo Global Parfumerie (Pvt) Ltd. one of the first companies in Sri Lanka to manufacture premium quality, designer perfumes with French fragrances and Bellose Lanka (Pvt) Ltd., a leading Sri Lankan professional cosmetics manufacturing company specializing in hair care, recently signed a joint venture agreement with the Aleta Land Group of Companies, Ethiopia, for the export of cosmetics and perfumes to Ethiopia and for the setting up of a cosmetics and perfume manufacturing plant in Ethiopia.
Ogabo and Bellose expect US $ 1 million worth exports to Ethiopia in the first year. Production is set to take place at a 50,000 sq. ft. state-of-the art, purposebuilt manufacturing plant in Addis Ababa, Ethiopia.
Ogabo Chairman Deepal Nelson and Ogabo and Bellose Managing Director Chathura Perera signed the MOU on behalf of Ogabo Global Parfumerie (Pvt) Ltd. while Habtamu Silla signed on behalf of the Aleta Land Group of companies. The agreement was signed at the Embassy of Sri Lanka to Ethiopia and the African Union in the presence of Sumith Dassanayake, the Ambassador to the Federal Democratic Republic of Ethiopia and the African Union, Hemantha Kumar, Chairman, Isabella Socks, Sri Lanka and Ethiopia and T. Bandara, overall project consultant/ coordinator.
Ogabo and Bellose hope to utilize the infrastructure facilities present in Ethiopia to gain access into the African Union.
The joint venture is set to bring benefits to both nations. The Sri Lankan economy will benefit substantially in terms of increased export revenue and an inflow in foreign currency.