Tesfa-alem Tekle, AfricaNews reporter in Mekelle, Ethiopia, photo: Yohanes Gossesse (Chinese Road Project miniature in Addis Ababa)
A Chinese Investment group, Jiangsu Qiyuan, says it has finalized preparation to construct a private Industrial zone in Ethiopia. The zone will be constructed at a selected zone some 37km south of the capital, Addis Ababa, at a leased area of 5 square km.
According to LU Qi Yuan, president of the Investment group 80 Investment projects will be constructed at a cost of 5 billion Chinese Yuan Renminbi (some 6.7 billion Birr)
Over 20 Chinese companies have already shown Interest to invest at the Industrial zone which is named as Ethiopian Eastern Industrial zone (EEIZ)
The Model was taken based on Decades of economic experience of china. It was learnt.
The projects will include textile and garment, shoe, leather and leather products food, electrical materials and steel manufacturing sectors.
When the private Industrial zone comes to an end in the next 5 years it will create a job opportunity to over 20,000 local people.
The whole Idea is to build the Industries to create ground for the private sector local and International investors to engage on Area of Interest.
When The Industrial zone goes functional, Ethiopia will be benefited over a billion Birr each year from tax collections after tax exemption period ends.
The Chinese Investment group has already signed an agreement with the Ethiopian Investment Authority and the construction of 5 projects will begin shortly as part of the 80- Industries projects lu Qi Yuan added.
Keywords: ethiopia business investment
