A report by World News Report indicates that A US giant Chemical company is venturing to Agribusiness in Ethiopia
Dow ((NYSE: DOW) is a US company that, in its own words,”combines the power of science and technology to passionately innovate what is essential to human progress.”
The company is eying teff, Ethiopia ‘s staple crop, as potentially lucrative business in the near future. The company reportedly made $57 billion from agribusiness in the year 2013. Ross McLean, Dow’s Sub-Saharan leader, narrative of teff is that “… it could soon become a foreign currency earner for Ethiopia…” as it is becoming “globally popular.” What that means for the Ethiopian mass is predictable : an even more sky rocketing price for teff in the local market which in turn may mean that teff soon be a matter of luxury rather than a staple food.
Dow will soon have an office in Ethiopia the implication of which is that US business presence in Ethiopia is expanding from energy sector to agriculture – a sector which has attracted companies from Middle East and Asia. On a different level, it may mean a signal the old days of “altruistic humanitarian aid” is giving way to investment in lucrative business.