ADDIS ABABA – The development of industrial parks is playing quite a role in attracting Foreign Direct Investment (FDI), disclosed Investment Commission.
Mekonnen Hailu, Communication Director within the commission told to The Ethiopian Herald that to assure sustainable development in the country, industry development strategy is an area of focus. Cognizant of the parks’ role for FDI, the country is planning and bringing into play industry parks in a bid to render companies that joined them contented. This push is instrumental in allowing the country join the ranks of middle income countries.
Currently, there are many industrial parks being built at different parts of the country. Bole Lemi, Hawasa, Kombolcha and Mekele industrial parks are among the parks built by the government and that went operational. Moreover, industrial parks birthed by the private sectors like Eastern Industry Park and Vogue industrial parks are among the parks that have become operational.
He added different companies in these eight operational industrial parks are in full gear. They have begun exporting their products for international market. As to recent report, the country garners foreign income from textile, cloths, as well as from leather and other products.
It has earned 103 million dollars within these nine months. The sum shows a 40 percent increment as compared to the past similar period, he said.
Infrastructural facilities related anxieties cannot be issues to ponder about in the Industry parks, Mekonnen noted. So companies are starting their production within short period as they want and export their products. The situation also allows them to save time and power and be effective.
As an instance the director stated that only in eastern industry zone, there are about 90 companies. There are lots of companies in other industry parks. They are increasing the export rates to Europe, America Asia and other markets.
These industry parks are also playing a great role for the country’s socio economic development. They have created about 70 thousand job opportunities, he added.
He does not conceal that dearth of foreign exchange and at times electric power outages and shortages as the main challenges of the sector. He indicated the commission is working with stakeholders to surmount the roadblocks.
Thus, when the industrial parks in the pipeline become operational, the country will be more preferable for FDI, the director said.
As to Mulugeta Mekonnen, Executive Director at Kombolcha Industrial Park, the park is one of industrial parks built by Industry Parks Corporation and being activated in 2017.It fulfills all necessary things for companies.
There are nine shades in the industrial park. All of are run by five foreign investors from South Korea, China, Italy among others.
Currently the four investors in the industry parks have started production and three of them are exporting their products.
He said that all infrastructural facilities are laudable and the location of the parks proves convenient for investors. Previously, governmental services like immigration and other services were not easily available for investors.
But now in a turn of events they are being given with one-stop service in the parks so investors are not facing hassles and challenges.
Mulugeta stated that the industry parks in the country are rendering better investment opportunities for foreigners. They are also creating more socio economic advantages for the country.
The Ethiopian Herald Sunday May 19, 2019
BY GENET FEKADE
