Addis Ababa, May 8, 2024 (FBC) – The Ethiopian Investment Commission (EIC) disclosed that companies operating within industrial parks are allowed to supply 50 percent of their products to the local market.
Deputy Commissioner of the Commission Zeleke Temesgen said that manufacturing industry parks have been built and put into operation in order to encourage foreign direct investment and increase the earning of foreign currency.
He also reminded that companies stationed in industrial parks have not been supplying their products to the local market.
However, in order to encourage investors, companies operating in the industrial parks are now allowed to sell 50 percent of their products to the local market, the Deputy Commissioner said.
Zeleke pointed out that the move will play an important role in stabilizing the market price in addition to increasing the production of companies.
He mentioned that the Special Economic Zone Proclamation was approved recently by the parliament, stating that the Proclamation will allow industrial parks to develop to Special Zones and will have a positive role on the macro economy.
Mr. Zeleke mentioned that it is a policy measure that can solve the challenges that may be faced around the expansion of cities and the supply of leased land.
Furthermore, Zeleke highlighted the return of a directive permitting foreign companies to participate in both retail and wholesale trade within sectors that were previously closed off. He described this as a significant opportunity for the investment landscape in Ethiopia.
He also mentioned that the opening of the import and export business to foreign companies is an important step in alleviating the supply market and inflated prices, which are held by small investors and which the masses complain about.
He also stated that the adoption of a law-driven system for the market will increase competitiveness, product quality and support the consumer.