IPDC attracts over US$500M investment capital in concluded FY

Addis Ababa, July 20, 2024 (FBC) – The Ethiopian Industrial Parks Development Corporation (IPDC) disclosed that it attracted more than 500 million USD in capital investments during the 2023/24 Ethiopian fiscal year.

Similarly, the corporation revealed that more than 237 million USD worth of import substitute products were supplied to the domestic market in the concluded fiscal year.

The Corporation which is currently evaluating the performance of the 2023/24 fiscal year in Hawassa City stated that local and international investors were allowed to invest in the stated period.

According to its social media page, IPDC added that both local and international investors were made to enter contractual agreements with the corporation.

Additionally International and local investment promotion activities, coordination activities carried out with the stakeholders as well as the country’s economic reforms have a positive role for the effectiveness of the investment attraction.

International and local companies that have signed contracts with the corporation in the last fiscal year are in the process of pre-operation, machine installation, staff training and some have completed the pre-operational work and started the production process.

On the occasion, the corporation also revealed that more than 237 million USD of import substituting products were offered to the domestic market during the past fiscal year.

And since the establishment of the corporation, it has been possible to produce import substituting products worth more than 606 million US dollars.

In the stated fiscal year, among the import substituting products produced by the industrial parks, it was pointed out that barley malt for breweries and construction materials took the highest share.

On the other hand, it was also mentioned in the performance review that in the last fiscal year, market linkages were created by providing inputs worth more than 124 million US dollars to manufacturers in industrial parks.