IDPC inks contractual agreement with foreign, domestic companies

Addis Ababa, December 2, 2022 (FBC) – Industrial Park Dev’t Corporation has inked contractual agreement with foreign and domestic companies with more than 486 million birr.

According to the agreements, the companies will star business in the various industrial parks by investing hundreds of million Birr.

During the signing ceremony, IPDC Chief Executive Officer Aklilu Tadesse said that the corporation has intensively been doing in enhancing productivity and global competitiveness.

He added that the flow of Foreign Direct Investment which had been slow is now showing a promising revival.

As per the contractual agreement, the Chinese company Long March Electrical Equipment manufacturing will have a total of 240 million birr investment in Adama Industrial park.

Besides creating knowledge transfer in the electromechanical field, the company is expected to create 250 jobs in its initial phase, he added.

NK World Medical Equipment manufacturing, with a total investment of 205 million birr in Kilinto Industrial Park, will create 210 jobs, it was indicated.

Aklilu emphasized that the investments, particularly medical equipment manufacturing will play a role in accelerating the national aspiration of import substitution.

Warka Trading, with an investment of 24 million birr in Hawassa Industrial Park, will be manufacturing standard thread input for textile and apparel.

The CEO noted that the investment will enhance foreign earnings, job creation, and knowledge transfer.

The Ethiopian Industrial Parks Development Corporation was established in 2014, as one of the public enterprises.

Several foreign companies have been working in 13 industrial parks built by the government of Ethiopia in different parts of the country.

The parks mostly given to investors in the textile and garment sectors have been generating hard currency and jobs.