2merkato

Two new private flower firms from India and the third from Netherlands have lately joined the Ethiopian flower market, according to Ethiopian Horticulture Agency.

Portland Pretoria Cement (PPC) disclosed it acquired the 20 percent stake Industrial Development Corporation had in Habesha Cement Share Company (HCSCo). PPC bought out Industrial Development Corporation for U.S. $ 13 Million.

Industrial Parks Development Corporation (IPDC) announced that 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. The companies  exported goods worth USD 196 million. They also supplied goods to the local market substituting import products which amount to USD 161 million.

Ethiopian Industrial Parks Development Commission (IPDC) revealed that industrial park companies could provide their products to the local market for the following six months. The companies were allowed to sell their products to the Ethiopian market after Ethiopia was banned from the African Growth and Opportunity Act (AGOA) of the United States.

Sandoukan Debebe, the CEO of the Ethiopian Industrial Parks Development Corporation (IPDC), stated that new foreign and domestic investments joined industrial parks over the past three months. The investments are participating in agriculture, medicine and medical facilities, and product and service sectors. The investments are expected to increase job opportunities and improve production and service, the CEO added.

According to the CEO, the COVID-19 pandemic and the political instability of the country made the attraction of new investments difficult for over two years. However, industrial parks were making progress after the impacts of the pandemic and the political instability lessened, the CEO noted.