development on 10,000 hectares of land in Abobo woreda of the state on Thursday.
On the occasion, Al-Amoudi said the company has planned to expand the rice development on more than 250,000 hectares of land with over two billion birr capital.
He said the rice development is being undertaken at a cost of more than 450 million US dollars.
Al-Amoudi said 40 percent the rice production would be for domestic consumption.
The investment activities of the company would benefit the local people and would not take any advantages of the people, he said.
However, he said some are rumoring that the ongoing development with land grabbing which disrupt the development of the region and the country.
Investor’s extra-large project manager Haile Assegide on his part said the construction and study works are well underway to develop the stated portion of land.
He said the 10,000 hectares of land would be fully developed until 2012. More than 15, 000 people would get jobs during the first phase of the development project.
The manager said four high yield rice varieties are being cultivated.
State Chief, Umod Ubong said 1.2 million hectares of land has been identified in the state for potential investors.
He said the flow of local and foreign investors has been increasing in the region.
The chief dismissed the rumor that some dispatching anti development propaganda aims at impeding the development of the state.
Source. Www. Ena.org