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Redawa Motors signed MoU to form first Ethiopian industrial park
REDAWA Industrial Park has signed a Memorandum of Understanding (MoU) with the Ethiopian Investment Commission (EIC) to become the first Ethiopian industrial park to open in Dire Dawa Administration, with a total investment capital of over 5 billion Birr.
Terekegn Bululta, state minister for industry, stated during the signing ceremony that Ethiopia has been following the 10-year development plan by placing special emphasis on the manufacturing sector.
Concerning the REDAWA Industrial Park, he stated that the private limited company previously known as "REDAWA Motors P.L.C" was upgraded to REDAWA Industrial Park on the day this MoU was signed, and that opportunities such as proximity to port, presence of African Free Trade Area, and various government incentives will make the park more profitable.
According to EIC Deputy Commissioner Daniel Taressa, Ethiopia has been adopting different new policies and methods to expedite investment, and the nation has risen to the top of the African continent in terms of attracting foreign direct investment.
He praised the park's use of technology and stated that the industry has been inventing and integrating various technologies to increase production.
Engineer Tadesse Admassu, Holder and Manager of the Industry, stated that his firm has developed its worldwide standards independent helipad and plans to build land space for planes to speed up transportation system.
He emphasised that his industry would house a variety of economic sectors, including automobile parts assembly, copper product production, water purification and bottling, and construction input industries, and that it intends to export its goods to a number of surrounding nations. He stated that when the park is finished, it would include 23 sub industries.
He stated that his park is the first private industrial park created by an Ethiopian investor and that it would be crucial in promoting domestically produced goods on the global market and exporting high-quality goods made using contemporary manufacturing techniques.
Posted on : 26 Dec,2024 | News Source : arqz.co
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