EIC, China’s CKIIG ink Sub-Developer Agreement worth $50M
Addis Ababa, October 8, 2024 (FBC) – Ethiopian Investment Commission (EIC) and China’s Chongqing Kunhuang International Industry Group (CKIIG) have signed a Sub-Developer Agreement for sub-development of a parcel of land within the Gada Special Economic Zone.
It was mentioned that CKIIG aims to develop and implement its project in 20 hectares of land with a total capital of 50 million USD (close to 6 billion ETB). This proposal has received a decision for designation by the Ethiopian Investment Commission Board, EIC disclosed.
The sub-developer will engage in the construction input manufacturing and host enterprises in the multi-investment activities.
The project is expected to create immense opportunity for local communities, import substitution, augment export earnings, and local linkages.
The agreement was signed on 7th October 2024 by Mr. Zeleke Temesgen, Deputy Commissioner of the Ethiopian Investment Commission and Mr. Xiao Feng, Xu, shareholder and representative of CKIIG.