Toyo Solar targets $100M investment in Ethiopia with potential for 400+ employments

Addis Ababa, September 4, 2024 (FBC) – Toyo Solar, a subsidiary of Japan’s Toyo Corporation, has expressed its interest in capitalizing on investment opportunities available in Ethiopia’s Industrial Parks, as revealed by the Industrial Parks Development Corporation of Ethiopia (IPDC).

This revelation came about during a meeting between IPDC’s CEO, Fisseha Yitagesu, and Toyo Solar’s Vietnam branch General Manager, Li Huang, which took place at IPDC’s headquarters in Addis Ababa today.

During their conversation, IPDC’s CEO, Mr. Fisseha, emphasized the various investment opportunities available in the industrial parks and the Dire-Dawa Free Trade Zone, including infrastructure developments, investment incentives, and recent macroeconomic reforms undertaken by the Ethiopian government. He assured Toyo Solar that the necessary support and monitoring would be provided to facilitate the completion of its pre-investment survey and subsequent operations.

Li Huyang, Toyo Solar’s Vietnam branch General Manager, provided an explanation of his company’s investment plan, current activities, and the projects they intend to undertake in the initial phase of their potential investment in Ethiopia.

He mentioned that the company plans to acquire 5 hectares of leased land as part of its operations in the first phase of its investment in industrial parks. Toyo Solar intends to invest 100 million US dollars and create permanent employment opportunities for more than 400 local citizens.

In addition, it was revealed that the Middle East, India, and America will serve as the primary destination markets for Toyo Solar’s products. Furthermore, delegates from Toyo Solar will conduct pre-investment site visits at Bole Lemi and Hawasa industrial parks, as well as the Dire-Dawa Free Trade Zone investment centers, to gather more information about potential investment opportunities in Ethiopia.