Addis Ababa, February 24, 2023 (FBC) – The East African Holding Share Company has signed a Memorandum of Understanding (MoU) to develop and expand an industrial park with 108 million USD with the Ethiopian Investment Commission (EIC) today.
The industrial park, which is expected to accommodate manufacturing, agricultural products processing and many other sectors, will be built and expanded on 100 hectares of land in Bishoftu town.
Investment Deputy Commissioner Daniel Teressa and East African Holding Share Company CEO Biru Wolde signed the MoU.
The deputy commissioner said at the signing ceremony that the commission is working to promote the country’s economy by promoting investment options, especially by attracting FDI and establishing a system that allows private park developers to participate widely in the industrial park development sector.
According to him, the industrial park to be built and expanded will play an important role in creating economic revitalization and contribute greatly by creating job opportunities and encouraging exports.
Deputy Commissioner Daniel disclosed that Ethiopia has attracted close to 2 billion USD in Foreign Direct Investment (FDI) during the last six months.
East African Holding Share Company Chairperson, Bezuayehu Tadele, said that the indigenous company has been playing significant role in creating wide employment opportunities and earning foreign currency.
The project expected to be finalized in the next four years will create 15,000 jobs and enhance export, he added, according to ENA.
East African Holding Share Company was established as an umbrella company comprising sister (subsidiary) companies which operate in a variety of sectors such as manufacturing of fast moving consumer goods, agriculture, agro-processing, printing and packaging, transport, real estate, cement production and coal mining.
It is also involved in the export of washed Ethiopian coffees and has a roasting and packing facility to supply the local market.