East African Holding to Develop Industrial Park in Bisohftu

ADDIS ABABA – East African Holding, a local Share Company, has entered into an agreement with Ethiopian Investment Commission (EIC) to develop an industrial park in Bishoftu town.

A Memorandum of Understanding (MoU) was signed by EIC Deputy Commissioner Daniel Teressa and East African Holding CEO Biru Wolde on Friday.

The share company is an umbrella various subsidiary firms engaging in manufacturing consumer goods, agriculture, agro-processing, printing and packaging, transport, real estate, cement production and coal mining.

It will now invest $108 million in the developpment of the industrial park on 100 hectares of land, as per the newly signed MoU.

The Upon completion, the park is expected to accommodate mixed manufacturing plants across various industries including agro-processing plants, creating more than 15,000 jobs.

The IP development project is expected to be finalized in the next four years, according to the company.

Deputy Commissioner Daniel stated that the industrial park will play key role in creating more jobs, capitalizing on skills amd technologies, substituting imports, and increasing exports. 

Ethiopia has attracted close to 2 billion USD in Foreign Direct Investment (FDI) during the last six months, as per the deputy commissioner.