Ethiopian Investment Commission (EIC) and Gada Special Economic Zone have signed today a Memorandum of Understanding (MoU) to facilitate a formal commencement of the project.
Gada Special Economic Zone (SEZ) construction was inaugurated early last month in the presence of Prime Minister Abiy Ahmed.
Designated as a multi-purpose special economic zone, it is expected to create significant economic impact and create opportunities for enterprises, special economic zone sub-developers, operators, and other end-users, it was indicated.
Speaking at the signing ceremony today, Deputy Commissioner of EIC Zeleke Temesgen said the Gada Special Economic Zone is instrumental in stimulating the investment environment and attracting foreign direct investment (FDI).
Director General of Gada Special Economic Zone Motuma Temesgen said for his part that the MoU agreement with EIC will be vital to providing quality service for investors, and to working together on marketing promotion.
Accordingly, the projects’ implementation will facilitate the flow of foreign and local investments across many sectors-including logistics, agro-processing, real estate, and manufacturing among others.
Gada Special Economic Zone was established in 2020 as a public entity and is seen as an instrument to entice foreign direct investment, foster employment growth, generate revenue through exports, and promote overall economic expansion.
The MoU also intends to outline key aspects of the rights and obligations of the developers and support schemes that will be availed by the government of Ethiopia.
Source: ENA
