Three Ethiopian companies, Afian Textile and Garment Manufacturing, Eliakim Edible Oil Manufacturing, and Domain Aluminum Composite Panel, inked an agreement with Industrial Parks Development Corporation (IPDC) to join industrial parks. The three companies collectively have a capital of Birr 430 million.

According to Sandokan Debebe, the CEO of IPDC, the Government is working hard to attract potential local investors to industrial parks. Four local investors agreed to join industrial parks during the past two months.

The number of local investors in industrial parks is low. At the start of 2022, more than 85% of companies in the industrial parks were owned by foreigners. Finance and lack of technological capacity are some of the challenges that discourage local companies from entering industrial parks.

IPDC, a public enterprise which was established in 2014, has a vision of becoming a leading eco-industrial parks developer and operator in Africa by 2025. It plans to create 700,000 jobs across the industrial parks and generate USD 19 billion from export during the next 10 years. The Corporation also aims to build six additional parks as part of its 10-year plan.

Source (including image): Fana BC

Additional source: Capital Ethiopia