Favorable conditions have been created for investors in all the eleven industrial parks in Ethiopia, according to the Industrial Development Parks Corporation (IDPC).

In an exclusive interview with ENA, Corporation Marketing and Communication Department Head Zemen Jonedi, said efforts have been exerted to create conducive situation in the global standard industrial parks.

More investors in various sectors have shown interest in engaging in the parks, following the Pretoria peace agreement, he added.

Accordingly, some 20 investors with over 407.42 million USD have signed agreements to engage in the industrial parks in the past 9 months.

Zemen further said electric power supply, infrastructure, and one-window service for all kinds of services is made available in the parks.

“The Industrial Development Parks Corporation is providing one-window service for both foreign and local investors who invest in the parks. The industrial parks have essential and adequate electric power and have market access as well,” he stated.

According to the head, there are various monetary and non-monetary incentives for both foreign and local investors that operate in the industrial parks and the Dire Dawa Free Trade Zone.

For instance, Zemen said that an investor who works in industrial parks is allowed an income tax relief of up to 10 years on average, and companies developing industrial parks are given income tax relief of up to 15 years.

Investors in industrial parks are also exempt from tax on export products and other taxes, and they have the right to import products to be used as raw materials duty free.

Being a member of the Multilateral Investment Guarantee Agency (MIGA), Ethiopia has signed various international investment protection and guarantee agreements, he pointed out.

Foreign investors can remit their income from profit and other incomes in foreign currency. Investors who export their products are not subject to any export price control on the export product, he added.

Zemen further pointed out that “industrial in industrial parks are working in areas of textile, apparel, agro-processing, manufacturing, and pharmaceuticals. Following the peace agreement, the investment interest and flow is increasing and the corporation is providing essential services to the investors.’’

Source: Ethiopian News Agency