Investors with over 800 Million USD Capital Engage in Industrial Parks

More than 53 new investors with a capital of over 800 million USD have been engaged in industrial parks in the concluded Ethiopian fiscal year, Industrial Parks Development Corporation (IPDC) CEO told ENA.

IPDC CEO Aklilu Tadesse said the capital was double the target set for the fiscal year. The number of companies engaged in the park has also jumped from only 12 the pervious year to 53 last fiscal year.

According to him, 67,000 new jobs have been created during the stated period.

Commenting on the Productivity Day being observe today, the CEO said it has immense significance for the sector as it encourages thousands of employees and investors engaged in the sector to enhance productivity.

Observing the day will also enables us to identify gaps and strengths in the sector and address the issues, he added.

Aklilu further stated that various efforts have been made to modernize services of the industrial parks by using integrated technology systems which make the customer get timely service.

Market linkage has been created between nearby farmers who produce barley, avocado, coffee, and cotton, it was learned.

The CEO noted that the manufacturing sector needs many employees. “So, we recruit and train youths to be skillful and motivated to address the demand of the manufacturing sector which enables investors to engage in the sector and become globally competitive and profitable.”

Moreover, he pointed out that production in industrial parks are being diversified through time. Apparel, garment, textile, leather products, ago-processing, pharmaceutical production are among those products.

The government’s decision to liberalize the economy and the homegrown economic reform can also attract more foreign investors, according to Aklilu.

The CEO further said that the foreign currency retention accounts directive introduced recently would encourage investors for they can utilize their foreign currency effectively.

Source: Ethiopian News Agency