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Local companies to invest 3 billion birr to engage in pharmaceutical sector sign agreement with IPDC

Addis Ababa, May 8, 2023 (FBC) – Industrial Parks Development Corporation (IPDC) has signed an agreement with 5 local companies that will invest more than 3 billion birr in Kilinto Industrial Park.

Akilulu Tadese, IPDC CEO, said that the involvement of domestic companies in the pharmaceutical sector will not only increase our country’s medication coverage, but will also play an important role in avoiding the foreign currency spent in the sector.

When the companies come into operation, they will produce medicines and medical supplies and provide to the local market, and they will create permanent and temporary jobs for more than 1500 citizens, the CEO has stated.

It is to be recall that IPDC also signed an agreement with 10 local companies that have invested more than 8.2 billion birr in industrial parks.

It is stated that when the companies start production, they will create permanent and temporary jobs for more than 7000 citizens.

Kilinto Industrial Park, which hosts these investments, is known to be a modern investment center with a focus on the pharmaceutical sector.


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