Significant stimulation is being applied to stagnant investment flow
The Industrial Parks Development Corporation has signed an agreement with two manufacturing companies that enter and operate in industrial parks.
The Industrial Parks Development Corporation has signed an agreement with PCE Venture Manufacturing PLC and AK shay Jain PLC companies to produce finished leather, biogas and bio gas fertilizer.
The agreement has signed by Shiferaw Solomon, Deputy Chief Executive Officer of the Industrial Parks Development Corporation, Ato Kibreab Abera, Deputy General Manager of Parker Clay, and Akshay Jain, CEO of Akshay Jain Company.
Deputy Chief Executive Officer of IPDC Mr. Shiferaw, stated that the flow of investment in Ethiopia has decreased over the past two years due to various national and international issues.
He added that there is an investment requests from various international and local companies and the corporation has made arrangements to address these requests.
Shiferaw also conveyed a congratulatory message to the companies that will enter and operate in industrial parks and the corporation will support these companies to fully operate their functions.
Officials from Parker Clay and Akshay Jain, for their part, said they were pleased to have the opportunity to produce in industrial parks and would work to speed up operations, increase production and exports.
One of the first companies which signed the agreement is Akhay Jain, which will take 40,000 square meters of land in Jimma Industrial Park with an investment of 884 million birr and create jobs for many citizens to produce bio-gas and biogas fertilizer.
The second company PC Venture Manufacturing starts production of 1,150 square meters of leather products in Addis Industry Village with an investment of 30 million birr and expected to create 300 jobs for citizens.
The investment capital of the two companies is 914 million birr, which will play a significant role in stimulating the Ethiopian economy and generating foreign exchanges.