MEKELLE— The investment activities in Tigray State is booming at a pace that can be said fabulous due to the comparative advantages of the abundant resources and conducive climate among which is included relative peace and stability, Ethio-Eritrean rapprochement, trainable manpower and proximity to the ports of Djibouti, Sudan and Eritrea.
Investment performance of the State exceeds for 51 Billion Birr, Ethiopian Investment Commission (EIC), Mekelle Industrial Park General Manager Goitom Gebrekidan told The Ethiopian Press Agency recently.
During the last nine months, some 1244 investment licenses with the cumulative capital of 40 billion Birr have been given to foreign and domestic investors during the last nine months, according to the State Investment Bureau.
Among these, 45 investors have been entered in to process through the federal investment commission (EIC). Whereas, the rest 1199 including the biggest 14 billion Birr Sabawi Amazement Resort Park investment project taking place by private sector in the Town of Wukro directly issued by the State Bureau, stated Tigray Investment Bureau Communication Director Solomon Tadesse.
The Mekelle Industry Park, developed by the Industrial Parks Development Corporation in the capital of Tigray State has been all occupied by foreign investors. It had generated over US $1.2 million through export of cloths twice to the US market, according to the Park management.
“The Park is delineated with 1000 hectares of land for the development of manufacturing sheds. So far, 15 sheds have been installed in 75 hectares for the development of textiles and apparel in the first phase and inaugurated on July 2017. All the sheds are occupied ( 14 for foreign and one democratic investors).”
The Investors took hold in Mekelle IP are from Bangladesh, Siri Lanka, Romania, Pakistan, India and Italy, according to Goitom.
The Manager who was also the Investment Head of the State stated that the State Investment Bureau has performed 1000 actual investment licenses in five sectors mostly in manufacturing, agriculture and hotel and tourism.
Among the comparative advantages of Tigray lies its closenes to several ports. Mekelle to the port of Djibouti is only 680 km and Tajura port is situated 507 km far from Mekelle, the Capital of Tigray.
The Port of Massawa is found 390 and 290 Km far from Mekelle using the Asmara road and directly driving to it respectively.
The Ethiopian Herald Sunday June 9, 2019
By Haftu Gebrezgabiher
