Industrial Parks substituted over $200M worth of import goods in 9 months

Addis Ababa, April 22, 2024 (FBC) –  Ethiopia’s industrial parks have produced more than 200 million USD worth of goods that replace imports, Industrial Parks Development Corporation (IPDC) announced.

The parks have also earned over 90 million USD in revenue during the stated period by exporting various products to the international market, ENA reported.

IPDC CEO, Mr. Aklilu Taddese said the industrial parks operating in various parts of Ethiopia have been playing key role in import substitution, foreign currency earnings and job creation.

According to him, the parks in their efforts to strengthen import substitution have managed to produce goods worth of more than 200 million USD over the past nine months.

The successful efforts being exerted to substitute industrial products such as pharmaceutical and other vital goods that were forcing the nation to spend a lot of foreign currency are driving the country to realize the multifaceted prosperity, he added.

The parks have also earned over 90 million USD by exporting various products to the international market noting that industrial parks in the country have been competing in the global market by producing quality products.