Ethiopia: Special Economic Zones, Industrial Parks Produce 16 Billion Birr Worth of Import Substitute Goods

Addis Ababa — The Industrial Parks Development Corporation (IPDC) announced that special economic zones and industrial parks produced 16 billion Birr worth of import substitution goods during the recently concluded Ethiopian fiscal year.

Zemen Junedi, Corporation's Executive Officer for Investment Promotion and Marketing, stated that through the "Made in Ethiopia" movement, the production capacity of industries has increased from 47 to 65 percent.

He told ENA that during the recently concluded Ethiopian fiscal year, 16 billion Birr worth of import substitution products were produced, creating job opportunities for over 45,000 citizens.

Efforts are being intensified to boost the production of import-substituting goods in the pharmaceutical, construction, and chemical sectors within Special Economic Zones, he underlined.

According to Junedi, these zones also attracted 1.2 billion USD in Foreign Direct Investment during the past Ethiopian fiscal year.

He further noted that efforts are underway for the expansion of textile, agricultural processing, pharmaceutical, chemical, and construction industries within these zones.

Junedi added that the participation of Ethiopian investors in the economic zones has steadily increased; now exceeding 50 percent. The Executive Officer attributed remarkable outcomes to awareness campaigns conducted by Ethiopian embassies and consulates in various countries regarding the Special Economic Zones.

It was also learned that 11 of the 13 industrial parks managed by the corporation across the country have been transformed into Special Economic Zones.

Read the original article on ENA.

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