Industrial Corp Blooms with $100m Investment

Jan 16 , 2024


About 11 textile, agro-processing, pharmaceuticals, and plastic recycling manufacturers agreed to set up their plants in the premise of industrial parks with a total investment of 100 million dollars. Investors will receive a total of more than 31,000sqm of production sheds and 4.5hct of service land. Last week, Aklilu Tadesse, CEO of the Industrial Parks Development Corporation (IPDC) signed an agreement contract with the representatives of the companies. Aklilu said service delivery improvements have greatly increased the investment flow in the parks last year with 5,000 job opportunities expected to be open through this investment. The 12 state-owned industrial parks and one free trade zone in the country currently host more than 130 local and foreign companies, creating 100,000 permanent and temporary job opportunities. According to the International Trade Portal, FDI inflows to Ethiopia increased to 4.2 billion dollars in 2021, up from 2.4 billion dollars from the year from the previous year. Most foreign investment is directed toward the oil refining, mining, real estate, manufacturing, and renewable energy sectors.


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