The Industrial Parks Development Corporation (IPDC) signed an agreement with three companies which will enter Hawassa, Adama, and Kilinto Industrial Parks. The companies named Long March Electrical Equipment Manufacturing, NK World Medical Equipment Manufacturing, and Warka Trading, will be investing Birr 486 million in textile and pharmaceutical sectors.

Long March, a Chinese company, will invest Birr 24 million in Adama Industrial Park while NK World enters Kilinito Industrial Park with a capital of Birr 205 million. On the other hand, Warka Trading will be engaged in the manufacturing of standard thread input for textile and apparel at Dire Dawa Industrial Park with a capital of Birr 24 million.

CEO of the corporation, Aklilu Tadesse, signed the agreement with the representatives of the companies and stated that the companies would play their part in saving the country’s foreign currency and creating employment opportunities for science and technology graduates. He also remarked that IPDC would continue its assistance to local companies with a view to making them competitive.

Industrial park companies generated USD 357 million from the sale of goods and created jobs for 57,000 citizens during the 2021/2022 fiscal year. They were able to export goods worth USD 196 million while supplying goods to the local market substituting import products which amounted to USD 161 million.

Source (including image): IPDC

Additional source: Ethiopian News Agency