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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.

One of the nine states of Ethiopia, Tigray, has set aside 12,000 hectares of land for industrial zones. This was disclosed by the State’s Urban Development, Construction and Industry Bureau.

Tigray State of Ethiopia disclosed it collected 2.6 billion Birr in the first 9 months of the current fiscal year. The money was collected from tax and non-tax revenues.

Agriculture and Rural Development Bureau of Tigray State, one of the 9 federal division of Ethiopia, forecasted 28 million quintals of crop will be harvested from this season.

The Investment Commission of the Tigray Regional State's Interim Administration has announced that 55 investors with registered capital exceeding Birr 20 billion in the Tigray Region have been granted investment permits.

These permits were granted to investors engaged in socially and economically beneficial fields, primarily in agro-processing, manufacturing, construction equipment supply, tourist accommodation, and mining, from January to June 2023, according to the Development Investment Management Division of the Commission.

The licensed investors are expected to create job opportunities for 10,000 young people when they launch their production and services next year. The Commission is also conducting a survey to determine the status of over nine thousand investors who were previously engaged in investment in the region before the Tigray war.

Source: Ethiopian News Agency