IPDC Pledges Full Support to Toyo Solar Ethiopia Investment

IPDC Pledges Full Support to Toyo Solar Ethiopia Investment

Feseha Yetgesu (PhD), the CEO of the Industrial Parks Development Corporation (IPDC), has expressed strong commitment to supporting Toyo Solar Ethiopia's operations and expansion in Ethiopia. 

This pledge was made during a meeting with Mr. Ryu Junsei, CEO of Abalance Corporation, the parent company of Toyo Solar.

The CEO highlighted Ethiopia’s vast investment potential, emphasizing the role of Industrial Parks designated as Special Economic Zones (SEZs). He noted that the SEZ designation offers numerous advantages for investors, including extended tax holidays, customs duty exemptions, and streamlined one-stop services. These zones also present expanded opportunities in sectors like manufacturing, trade, logistics, finance, and ICT services, allowing investors to diversify beyond traditional manufacturing. Furthermore, SEZs provide increased flexibility in land use planning, including the option to sub-lease extra space.

In response, Mr. Ryu Junsei acknowledged Ethiopia's favorable investment environment and confirmed that his corporation's sister company, VSUN, is planning additional investments in Ethiopia.

Toyo Solar Ethiopia, a subsidiary of the Vietnamese-based Japanese company Toyo Solar, is set to invest 60 million USD in the Hawassa Special Economic Zone. This investment will lead to the creation of nearly 1,000 jobs. Established in November 2022, Toyo Solar aims to become a leading provider of reliable, comprehensive solar products globally, delivering full-service solar solutions with a focus on seamless integration across the entire solar power supply chain.

Feseha Yetagesu (PhD) reassured the investors that the IPDC would provide full support to make their plans a reality.

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