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.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...