Ethiopia's Industrials Parks Development Corporation (IDPC) has inked two investment agreements with Elauto Engineering and Trade PLC and Kambote which are aimed to boost Ethiopia’s export trade in the automobile and textiles industries.
Signing the agreement with Elauto Engineering and Trade PLC were Sandokan Debebe, CEO of IPDC Chief Executive Officer, and Bekele Abebe, CEO of Elauto Engineering and Trade PLC CEO. On the occasion, Mr. Sandokan pointed out the Dire Dawa Industrial Park is most suited for assembling and exporting automobiles due to its proximity to the Djibouti port.
Elauto Engineering and Trade PLC's total investment amounts to 700 million birr. The CEO said his company has a capacity of assembling 5,000 automobiles annually, generating $35 million USD in revenues, while creating 400 jobs.
In related news, IPDC has also signed an agreement with Dimitrios Kampouris, a textile and apparel company from Greece.
As per the agreement, the company is granted 1.8 hectares of service land to be developed into shades at the Bole Lemi Industrial Park in Addis Ababa. The total investment of Dimitrios Kampouris is over 11 million USD and is expected to start production in 15 months.
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Source: ENA
