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Industrial parks in Ethiopia to generate $30 billion by 2025
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Industrial parks in Ethiopia to generate $30 billion by 2025

Ethiopia has invested in setting up industrial parks to drive economic growth through industrialisation

Six textile and garment oriented industrial parks that Ethiopia is currently busy setting up, are expected to generate $30 billion worth of exports by 2025.

The country continues its rigorous quest to build industrial parks, which is part of the initiative to make the East African nation a manufacturing hub of Africa, and a middle-income country.

Multinational engineering and construction company China Communications Construction Company (CCCC) has been involved heavily in the establishment of the industrial parks, collaborating with the Ethiopian government in its line of infrastructure development to better the country’s ease of doing business and attract potential investors.

Antex Group Chinese textile company in Zhejiang province in China was the first firm to enter the Adama Industrial Park and has already commenced its operations in the manufacturing sector.

The firm manufactures sportswear, underwear, swimwear as well as fashion wear, exporting its products to Europe, the United States and Australia.

The company which has investments as well in Vietnam, Spain and the United Kingdom plans to venture in the hospitality sector and tourism in Ethiopia extending its reach in the country.

The company was hailed for strengthening the export sector of Ethiopia, having created over 1,500 employment opportunities for the Ethiopian youth.

Jimma Industrial Park and Adama Industrial Parks are projected to provide over 40,000 employment opportunities collectively, the former inaugurated early December 2018.

Hawassa Industrial park, once fully operational should reap $1 billion in revenue for Ethiopian government from textile and garment exports.

Ethiopia’s textile and Garment sector export revenue during the Ethiopian Fiscal Year 2016/17 ended with an 89.3 million US dollars earning out of a planned 271 million US dollars during the Fiscal Year.

Insufficient supply of manufacturing inputs, delay in commissioning of several industries contributed to the underachievement as highlighted by Assefa Tesfaye, Corporate Communications Director at Ethiopia Ministry of Industry (MoI).

Source: ANA|COMPATRIOT MAGAZINE

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