The Ethiopian Investment Commission has disclosed today that some 10 industrial parks of the country have been promoted into the Special Economic Zones (SEZs).
The East African nation has embarked on upgrading its industrial parks to special economic zones to attract Foreign Direct Investment (FDI), create jobs, and enhance trade and productivity.
To facilitate the country’s aspiration, the Special Economic Zone Proclamation defines new criteria for industrial parks to become SEZs, including a minimum of 50 hectares of land and other infrastructure requirements, it was learned.
In its letter communicated to the Industrial Parks Development Corporation (IPDC), the Ethiopian Investment Commission revealed that it has upgraded ten of the 13 industrial parks managed by IPDC to the Special Economic Zone.
After thoroughly evaluating the status of the industrial parks, the Ethiopian Investment Board decided to upgrade 10 of them to Special Economic Zones as they met the necessary criteria.
As a result, the industrial parks that have been upgraded into SEZ are Adama, Bahir Dar, Bole Lemi, Debre Birhan, Hawassa, Jimma, Kilinto, Kombolcha, Mekelle, and Semera industrial parks.
Currently, the Dire-Dawa Special Economic Zone is the only Special Economic Zone overseen by the Industrial Parks Development Corporation in Ethiopia so far.
Following the recent promotions of the industrial parks, the total number of Ethiopia’s Special Economic Zones has reached 11.
This designation follows the enactment of the Special Economic Zone Proclamation No.1322/2024 by the House of Peoples’ Representatives and the Corporation’s undertaking and fulfillment of the necessary criteria set out in the legislation for attaining a Special Economic Zone status, it was learned.
According to the Ethiopian Investment Commission any future expansion, upgrading, or significant change in park-related investment operations will need to comply with the SEZ Proclamation and directive.
Source: ENA
