Preparation phase for officially launching the first free trade zone in Ethiopia has been completed

Preparation phase for officially launching the first free trade zone in Ethiopia has been completed

This was stated by Mr. Kiya Tekalign, who is a strategy consultant at the Industrial Parks Development Corporation.

The consultant disclosed this to various local media during a visit to Dire Dawa Industrial Park.

In his statement, he mentioned that the necessary infrastructure works to start the establishment of the free trade zone have been completed through the Industrial Parks Development Corporation.

Mr. Kiya, the strategy consultant, informed that the free trade zone will focus on three basic elements, and he said that it is a zone that will provide efficient logistics services for domestic and foreign manufacturing industries, import and export companies.

Mr. Kiya said that the Free Trade Zone will provide services that help facilitate the sectors working in the zone. Banking, insurance, consulting, and support services are mainly mentioned, and they provide the services in an integrated manner.

In his statement, Ato Kiya recalled that more than 5000 free trade zones have been developed in the world and said that it has been confirmed by many studies that these free trade zones are the main basis of the development of the developed countries.

In relation with this, they recalled that they have received extensive experiences from countries with long-term experience in the field to start the operation of the free trade zone.

He added that it will mainly contribute to facilitate and increase foreign trade, create a wide range of employment opportunities, increase proxy products, facilitate the transfer of knowledge, store products for the country and reduce logistics costs.

It is indicated in the statement that it will play a significant role in reducing the cost of domestic commodity prices and stabilizing the inflation rate that is not noticed in our country and strengthening the value chain.

In the region, the country's customs system will be implemented in a way that facilitates the development, and the investors, organizations and importers and exporters engaged in investment in the region will be provided with various incentives, according to the statement.