ADDIS ABABA – The availability of potential market, sufficient natural resource for industrial inputs and sound economic policy favored Chinese investment in Ethiopia, said Eastern Industrial Park Administration Director Daniel Tao.
In an exclusive interview with The Ethiopian Herald the director said that Ethiopia is a preferred Chinese investment destination. “We feel very proud that the Ethiopian government gives recognition to industrial parks expansion and follows Chinese industrialization footstep”, he added.
As to him, as there is a growing demand for massive cotton and wheat production and agro-processing here, Eastern Industrial Park has finalized preconditions to launching integrated agro-processing factories in different parts of the country very soon.
He further said that Eastern Industrial Park aspires to export 100 million jeans cloths through utilizing more than 500,000 tons of cotton annually after the end of the Eastern Industrial Park second phase expansion.
“We are finalizing preparations to upgrade the country’s cotton production via implementing the latest cotton production technologies by discussing the issue with the Ministry of Agriculture of Ethiopia to bring Chinese specialized farming firms to work in cooperation with local cotton farmers in regional states”.
As to him, the government of Ethiopia is expected to update policies and strategies that fit the special economic zone to become practical soon.
Currently, Eastern Industrial Park is undertaking its second phase massive expansion that will activate and enable numerous Chinese investors’ entrance to Eastern Industrial Park and other industrial parks in Ethiopia.
He underlined that it is the right time to motivate China-Africa company-to- company cooperation. “Today Eastern Industrial Park is regarded as a model of industrialization engine in Ethiopia”.
Over 100 Chinese manufacturing companies are operating in the Eastern Industrial Park which generates considerable foreign exchange earnings from export that exceeds USD 30 million annually.
The current total capital investment of the park has reached over USD 800 million while some USD 250 million is allocated for its expansion projects.
The Ethiopian Herald January 16/2020
BY TEWODROS KASSA
