IPDC working to attract more investments from BRICS countries: CEO

Addis Ababa, February 21, 2024 (FBC) – The Industrial Parks Development Corporation (IPDC) stated that it is intensifying efforts to tap into the potential of investors from BRICS member countries through its 13 industrial parks and the Dire Dawa Free Trade Zone.

The Global India Business Forum president Jitendra Joshi and his entourage are visiting Ethiopia to explore investment opportunities in agro-processing and pharmaceuticals.

Aklilu Tadesse, CEO of IPDC, welcomed the visiting delegation and highlighted his corporation’s ongoing collaborations with investors, embassies, and relevant institutions from India, Russia, China, and Brazil. It is indicated that the collaboration aims to attract new investments from fellow BRICS member countries to the Ethiopian industrial parks, leveraging the significant investment potential of BRICS countries.

For his part, Jitendra Joshi conveyed the Indian delegation’s keen interest in exploring specific investment opportunities within Ethiopia’s industrial parks, with a particular focus on the pharmaceutical and agro-processing sectors. The delegation has completed pre-investment information to facilitate a comprehensive understanding of the available opportunities.

Members of the delegation, representing various sectors such as pharmaceuticals, agro-processing, logistics, and textiles, have already conducted site visits to Qilinto and Bole Lemi Industrial Parks, located in the outskirts of Addis Ababa, to observe the ongoing operations. It is expected that this hands-on approach aims to assess the potential for collaboration and investment in Ethiopia’s burgeoning industrial sector.

Highlighting the existing collaboration, it was revealed that Indian investors have made over 12 major investments in the industrial parks and Dire Dawa free trade zones managed by IPDC in the pharmaceutical, textile, and agro-processing sectors. These investments have led to the creation of permanent employment opportunities for more than 20,000 Ethiopian citizens.