Industrial Parks in Ethiopia Generate $248 Million from Export

Addis Ababa – The three industrial parks in Ethiopia have generated 248 million USD from the export of various products in the last fiscal year, the Ethiopian Investment Commission reported.

The Horn African nation earned the revenue from the industrial parks of Hawassa, Bole Lemi and Eastern Zone.

The Hawassa Industrial Park, which started operation four months ago, has generated 200 million USD of the total revenue, Commissioner Fitsum Arega told ENA.

Bole Lemi and Eastern Industrial Zone have generated 24 million USD each. 

The industrial parks have been contributing to the country’s development, as they become one of attractions to lure more foreign direct investment.

Last year, Ethiopia stood second in terms of attracting foreign direct investment in the textiles and garment industry next to Vietnam.

As part of efforts to improve FDI, the country has been engaged in the development of industrial parks.

Currently, some ten industrial parks are under construction by the government while four industrial parks are being built by private investors.

The construction of two industrial parks in Mekele and Kombolcha – Northern part of the country- has already completed and recruiting investors that will enter into the parks is in process.

In addition to generating foreign exchange, the parks have also helping the country to increase job opportunities by employing over 31,000 individuals.

Upon fully operational, the Hawassa industrial park alone will accommodate 60,000 employees in double shifts.

Ethiopia would extensively focus on expanding the export sector in its efforts to achieve its goal of becoming middle income country by 2025, he added.

To realize this goal, the country will enhance its activities towards attracting anchor companies to invest in the country’s priority sectors mainly in the manufacturing industries.

China, India, Turkey, Sudan and the United States are the leading countries are currently investing in Ethiopia.

Companies engaged in the processing of agricultural products, textiles and garment, leather and leather products will continue to get priority in industrial Parks, he added.

Source: ENA