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04.12.24 15:04

Economy

Ethiopia announces conversion of ten country's industrial parks to special economic zone status

With the recent upgrading of industrial parks to the status of special economic zones, the total number of special economic zones in Ethiopia has reached 11

The East African country has initiated the process of converting its industrial parks into SEZs in order to attract foreign direct investment, create jobs, and boost trade and productivity.

To achieve this objective, the Special Economic Zones Proclamation sets new criteria for industrial parks seeking SEZ status, including a minimum area of 50 hectares and other infrastructure requirements. This is reported by ENA, a partner of TV BRICS.

In its letter communicated to Industrial Parks Development Corporation (IPDC), the Ethiopian Investment Commission revealed that it has upgraded these ten of the 13 industrial parks managed by IPDC to the Special Economic Zone.

After a thorough assessment of the status of the industrial parks, the Ethiopian Investment Board decided to upgrade them as they fulfilled the necessary criteria.

The industrial parks that have been upgraded to SEZ status include Adama, Bahir Dar, Bole Lemi, Debre Birhan, Hawassa, Jimma, Kilinto, Kombolcha, Mekelle, and Semera.

Photo: iStock

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Ethiopia announces conversion of ten country's industrial parks to special economic zone status

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