ADDIS ABABA — The Industrial Parks Development Corporation (IPDC) called up on domestic investors to make a meaningful involvement in the industrial parks taking advantage of the well-equipped infrastructural facilities.
IPDC CEO Aklilu Tadesse made the above remark while visiting the Bole-Lemi and Kilinto Industrial Parks with domestic investors who ar in the pursuit of exploring the country's business prospect.
According to Aklilu, the government has been undertaking various activities to encourage domestic investors to involve industrial development during the past several years. Due to this meticulous intervention, the number of domestic investors has increased from 10 % to 55 % across 13 industrial parks and in the Dire Dawa Free Trade Zone.
"Home-grown investment would play a paramount role in bolstering economic development. Without domestic investors' initiation, it is difficult to ensure development at all."
The CEO further stated that permitting the local firms' entry into the industrial parks by Birr (previously restricted to USD only), tariff law improvement (from 100,000 to 15,000 Birr-rent fee per 1000 square meter a month) and providing investors with cultivable land were among the bold measure taken by the government to encourage domestic investors over the year. Similarly, the down payment has also reduced to 5% for domestic investors from 20 % that is required from foreign investors.
Solosa Pharmaceutical Manufacturing PLC Head Solomon Sebsbie, one of the investors who signed the agreement with the IPDC said that such type of opportunity is game changer in maximizing the domestic investors' involvement in the IPS.
"Lack of manufacturing shades is a serious challenge to run the business during the past over many years though we have the potential to produce. Thanks to IPDC that is solving our problem with in a short period."
The investor underlined that the government's initiate is admirable because a limited number of domestic investors are involving in the industrial sector due to limited foreign exchange supply over the past many years. It is important to support the country by producing quality items in the years to come, Solomon remarked.
