Addis Ababa October 21/2021 /ENA/The investors engaged in different industrial parks of Ethiopia are competent in the international market, according to Industrial Parks Development Corporation.
Industrial Parks Development Corporation CEO, Sandokan Debebe told ENA that foreign investors favor Ethiopia for the availability of abundant and wage competitive labor force, fast growing infrastructures and one-stop services.
The country, according to Sandokan, is looking for additional market destinations besides the duty-free market incentives provided by the African Growth and Opportunity Act (AGOA).
He further stated that the investors engaged in the parks have the potential to compete in the international market.
“Although AGOA is an important duty-free incentive for products in the parks, the country’s Foreign Direct Investment (FDI) flows are not primarily based on the benefits of AGOA,” Sandokan said, adding that many other factors attract the investors.
Noting that over 100 foreign investors are working in the parks in the production of construction materials, paints, pharmaceuticals, ICT, malt and chemicals, the CEO stated efforts are underway to supply domestic raw materials to the parks.
The investors are developing 89 percent of the more than 270 sheds built in 13 industrial parks across the country out of which 60 percent have already comenced production.
Ethiopia has earned more than 750 million USD from the parks in the past three years, he stated adding that the parks have already created jobs for over 85,000 people.
According to him, efforts are underway to alleviate electricity, water and container problems and also attract local investors.