Industrial Parks Corporation Inks Deal With Investors Registering Over 100 Mil USD Initial Capital

Ethiopia's Industrial Park Development Corporation (IPDC) has signed a contract agreement with 11 local and foreign investors with a total initial capital of 100 million USD. Industrial Parks Development Corporation CEO Aklilu Tadesse and representatives of the companies signed the agreement today in Addis Ababa. According to the agreement, the investors will be able to engage in various investment activities in five industrial parks located in Mekelle, Jimma, Bole Lemi, Kilinto and Bahir-Dar. Speaking on the occasion, Aklilu said the investors will be engaged in the areas of agro -processing, textile and garment, Pharmaceutical and plastic factories. He further said the investors will secure 31,000 meter square shade and 4.5 hectares of developed land in the industrial parks to undertake their activities. The companies are also expected to supply their products for both local and international markers, he added. Stating majority of the companies signed the agreement to engage in agro-processing ar e local, Aklilu said when operational, these companies are believed to create market chain for 50,000 farmers and create 5,000 jobs. "Industrial parks are key players in enhancing the national economy by creating jobs, increasing export trade and encouraging import substitution," he underscored. General Manager of Agri Exim Limited PlC, Ripin Shome, one of the companies signed the agreement today, said his company has plan to engage in agro processing in Bahir Dar Industrial Park with closely working collaboration with about 5,500 small scale farmers. "We are in the process to install machines at the park, we hope by the end of April, 2024 we are going to start our activities.'' Ethiopia is a diverse country, he said, adding "Investment opportunities are huge. for instance, the agro-processing has a huge potential, there is also large arable land and suitable climate condition that gives potential to grow different kinds of crops. The other Company signed the agreement, Peniel Industry PLC CEO Bi rtukan Abebe on her part commended the government of Ethiopia for creating favorable conditions for the investors. Source: Ethiopian News Agency