Africa-Press – Ethiopia. Investors with 6 billion Birr registered capital have signed Memorandums of Understanding (MoU) that enable them to start work at the Special Economic Zones across the country.
This was disclosed at a stakeholder’s discussion forum organized by Industrial Parks Development Corporation in Dire Dawa City.
Industrial Parks Development Corporation Chief Executive Officer Aklilu Tadesse said on the occasion that these are in addition to the billions of Birr capital inflow in the Free Trade Zone.
According to him, investors with 6 billion Birr registered capital have signed a memorandum of understanding with the corporation and are waiting for the approval of the Special Economic Zone Proclamation.
The CEO added that the decree was approved by the Council of Ministers last week and referred to the House of People’s Representatives for endorsement.
The Dire Dawa Free Trade Zone has completed the necessary infrastructure to provide quality service for its customers and has prepared efficient operating system and investor recruitment criteria as well as price.
Various experts and stakeholders had participated in these efforts, he stated, expressing gratitude to the institutions.
In order to enable the Dire Dawa Free Trade Zone to be effective, the experience and expertise of different countries in the management of free trade zone has been formulated by the corporation.
In this regard, the CEO said that the experience of the United Arab Emirates, Turkiye and Djibouti have been widely and deeply explored and procedures that enable the zone to be competitive have been formulated and implemented.
The Special Economic Zone Proclamation designed to establish economic zones across the nation will provide a legal framework to transform the current industrial park system into special economic zones.
The move aims to create a robust framework for attracting Foreign Direct investments, promoting economic clusters, and integration into global value chains.
There are twelve state-owned industrial parks in Ethiopia.
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