ADDIS ABABA – Japanese company Toyo Solar Energy, valued at over seven billion Birr, is set to commence operations in Hawassa Industry Park, according to the Industry Parks Development Corporation (IPDC).
IPDC’s Investment, Promotion, and Marketing Sector Deputy CEO Zemene Junedine told the Ethiopian Press Agency (EPA) that Toyo Solar Energy is finalizing preparations to begin operations with a capital of seven billion birr. The company has been allocated approximately 1.2 million hectares of land and manufacturing spaces, with operations expected to start within three months. Additionally, the company plans to rent over 200 apartments.
Upon its launch, Toyo Solar Energy aims to export its products to markets in the Middle East, India, and the United States, while creating permanent employment opportunities for around 400 individuals.
Zemene noted that the company’s established reputation and experience would boost the park’s potential to attract further investment, contributing to entrepreneurship, technology transfer, human capital development, and foreign direct investment in Ethiopia.
He also highlighted that following recent macroeconomic reforms and policy incentives, several investors are exploring opportunities in various sectors, particularly in the Dire Dawa free trade area.
The Deputy CEO mentioned the rising interest from Japanese, American, and Russian investors in the Dire Dawa Free Trade Area, while noting the significant growth of Chinese investments, particularly in the Bole Lemi, Kilinto, and Kombolcha industry parks.
The Corporation is collaborating closely with the Ethiopian Investment Commission, the Foreign Ministry, and other key stakeholders to attract more international investments. It is also working in partnership with consulates around the world to facilitate these efforts.
Emphasizing efficient and effective service delivery, Zemene added that IPDC remains focused on engaging more investors in the country’s industrial parks.
BY BETELHEM BEDLU
THE ETHIOPIAN HERALD SUNDAY EDITION 20 OCTOBER 2024
