Ethiopia’s Economic Reform Critical in Capacitating Industrial Parks by Attracting FDI: UNIDO

Business Market


Addis Ababa: The recently implemented comprehensive economic reform of Ethiopia is a critical move to strengthen the development of agro-integrated industrial parks by attracting foreign direct investment, UNIDO Coordinator for Agro-Industrial Park Development remarked.

National Coordinator for Agro-Industrial Park Development at United Nations Industrial Development Organization (UNIDO), Olijira Kuma told ENA that the comprehensive economic reform of Ethiopia would address challenges and strengthen the capacity of integrated agro-industrial parks of the country.

The reform would enable investors to get sufficient amount of foreign currency vital to expanding their industries, indicating most of the machineries are imported from abroad, he added.

The issue of foreign currency was one of the bottlenecks that hinders the engagement of investors in industrial parks; however, Olijira said that the comprehensive economic reform would address the challenge.

The reform is also expected to encourage exporters sin
ce the foreign currency administration system has now been revised, he noted, emphasizing the reform encourage both foreign and domestic investors to invest in industrial parks; in turn, it expedites the development of industry in the country.

Moreover, the comprehensive economic reform that is being undertaken by the government of Ethiopia paves way to realize the aspired development of the country, he pointed out.

In this respect, he reaffirmed UNIDO’s commitment to provide support efforts to further strengthen the industry of Ethiopia by providing capacity building training and other supports along with pertinent stakeholders to expand and develop industrial parks in the country.

He revealed that UNIDO has been working on warehouse receipt system which is vital for development of industrial parks of the country that promote efficiency, access to finance, access to better storage facilities and traceable agricultural value chains.

The development of industrial parks in Ethiopia are meant to be long-term
investments since they are fully equipped with advanced infrastructure and manufacturing equipment to assist investors in getting their businesses up and running, it was learned.

Source: Ethiopian News Agency