The governments of Ethiopia and China have joined hands to construct and own a specialized industrial park that will manufacture machineries only. The industrial park is going to be built in Adama City, Oromia State.
Memorandum of Understanding (MoU) was signed last week at the Ethiopia-Hunan Investment Cooperation Forum, by the 2 parties. Among the documents signed, one was about the establishment, operations and management of the park on a joint venture basis. This agreement was signed by the Industrial Parks Development Corporation (IPDC) and Changsha Economic and Technical Development Group Co. The 2 parties have also agreed to assign CGCOC, Chinese construction firm, to deliver the project within a year time.
According to Sisay Gemechu, IPDC’s CEO, 250 million USD loan from the Export and Import Bank of China (EXIM China) to fund the installation of the industrial park. The park would be built over 122 hectares of land, he furthered.
Speaking on his part, He Baoxiang, vice governor of the People’s Government of Hunan Province, said other agreements would be signed in May. The 250 million USD loan is expected to be finalized once these unspecified agreements are signed.
The signing of the MoUs were witnessed by Baoxiang, who led around 50 delegates from Hunan Province, together with Arkebe Okubay (PhD), board chairperson of IPDC.
During the event Ethiopian Investment Commission (EIC) signed MoUs with Chinese enterprises that showed interest to invest in the upcoming industrial park. Hence, Foton, TBEA, Sany, and Hunan Chnaggao International are the major companies that have shown interests.