BY ASHENAFI ANIMUT
ADDIS ABABA—The Dire Dawa Free Trade Zone (FTZ) is projected to expand Ethiopia’s investment sector, create decent jobs and boost the nation’s economy, FTZ Deputy executive director said.
The Dire Dawa FTZ Deputy Executive Director Ahmed Reshid told the Ethiopian Press Agency (EPA) that the zone would be influential in boosting not only Dire Dawa’s but also the national economy via enhancing the import and export trade, investment flow and creating jobs.
He further said: “We have a plan to amend two principal legal frameworks: approval of the trade zone proclamation and application of foreign currency to commence the operation in full-fledged manner next Ethiopian fiscal year.”
With regard to utilization of foreign currency, the National Bank of Ethiopia (NBE) is currently preparing laws. Similarly, the FTZ proclamation is awaiting its approval by the House of Representatives, he noted. “When these legal frameworks are completed, the Zone will be operational in the first quarter of the next year,” he added.
Moreover, the government is opening its investment doors to local and international investors through offering multifaceted supports including land endowment to help them commence the operation in the due time, he pinpointed.
It was also indicated that because of its proximity to ports, the zone lessens logistics time, cost, and attracts more foreign direct investment as well as promoting urbanization and industrialization.
“We have been sharing our very experiences with United Arab Emirate and Turkey’s free trade zonesto make the zone robust and vibrant. This will also be implemented according to the nation’s existing scenario.”
As to him, various international investors are showing keen interest to participate in the area asconvenient logistics system is being put in place for the trade zone. Thus, a hundred plus investors are coming to the frontline to invest in the area. Accordingly, eight local and foreign investors are on the verge of finalizing their tasks to kick off operation soon.
The FTZ, which is believed to improve Ethiopia’s entire economy by furthering the import and export trade of the country, was officially inaugurated by Prime Minister Abiy Ahmed (PhD) on 14 August 2022, it was learnt.
The Ethiopian Herald June 4/2023
