Ethiopia export revenue hits USD 42 mln from industrial parks
Every year, about 600,000 young graduates enter the job market in Ethiopia, and the development of labor-intensive sectors like textile and light manufacturing will provide them with many professional opportunities.Devdiscourse News Desk | Updated: 01-04-2018 07:19 IST | Created: 01-04-2018 07:15 IST
According to the Ethiopian officials, the country has earned USD 42 million in export revenue from industrial parks during the first six months of Ethiopian Fiscal Year 2017-18 which started back in July.
Manufacturing firms operating inside industrial parks have created job opportunities for 50,000 Ethiopians told, Fitsum Arega, Commissioner of Ethiopia Investment Commission during a press conference.
He also praised the Chinese Investment in the country, which according to him is Ethiopia's development stage and the country's call for mass employment for its 100 million citizens.
"Hawassa Industrial Park has been completely commissioned; Kombolcha and Mekelle Industrial Parks have become partially operational while construction of Adama and Dire Dawa industrial parks is being finalized," he further added to it.
China Civil Engineering Construction Corporation undertook the construction of Hawassa and Kombolcha industrial parks in 2016 and 2017 respectively. It's also currently undertaking the construction of Dire Dawa and Adama parks.
China Communications Construction Company also constructed the Mekelle Industrial Park.
The Mekele and Kombolcha industrial parks, inaugurated in the summer of 2017, were both built by China Civil Engineering Construction Corporation (CCECC) at a cost of USD100 million and 90 million dollars respectively.
Ethiopia is currently constructing or has constructed 15 industrial parks which it hopes will all be completed by second half of 2018, as part of efforts to stand among the top Foreign Direct Investment (FDI) destination and boost its export revenues.
Ethiopia is increasingly being recognized as a major investment destination because of its fast-paced economic progress, its unique location, cheap labor and a huge market potential.
Every year, about 600,000 young graduates enter the job market in Ethiopia, and the development of labor-intensive sectors like textile and light manufacturing will provide them with many professional opportunities.