Addis Ababa, April 24, 2024 (FBC) – The Zenith Steel Group Co., Ltd, a prominent Chinese steel and electrical equipment manufacturer, has expressed its desire to enter and invest over 150 million USD in the Bole Lemi Industrial Park, located in the outskirts of Addis Ababa, the capital city of Ethiopia.
The announcement was made during a meeting between Mr. Aklilu Tadese, CEO of the Industrial Parks Development Corporation of Ethiopia (IPDC), and the Vice President of Zenith Iron and Steel Group and General Manager of Zenith Nantong Company, Dong Liyuan, and his delegation.
During the discussions, Mr. Aklilu noted that Chinese investors currently make up the largest contingent of foreign investors in the industrial parks managed by IPDC. He also revealed that the corporation has established a dedicated Chinese investment desk to cater to their needs.
The Zenith Steel Group officials elaborated on their investment plan, the company’s current activities, and the work they intend to undertake in the first phase of their operations in the Bole Lemi Industrial Park located in the outskirts of Addis Ababa.
Based in Changzhou province, China, Zenith Steel Group announced that in the initial phase of its proposed investment, it aims to acquire 30 hectares of leased land within Bole Lemi Industrial Park for an investment over 150 million USD. In the subsequent phase of its investment plan, the company intends to secure over 100 hectares of land in other Ethiopian industrial parks and the Dire-Dawa Free Trade Zone.
The move by Zenith Steel Group underscores the growing interest of Chinese investors in Ethiopia’s industrial development, particularly in the country’s network of industrial parks designed to attract foreign direct investment and drive economic growth.