An investment agreement was signed between the Industrial Parks Development Corporation (IPDC) and the National Investment Group to manufacture airplane spare parts at Kilinto Industrial Park in Ethiopia.
The agreement will allow the National Investment Group to receive 14 hectares of land at Kilinto Industrial Park to manufacture airplane spare parts, ENA reported.
The National Investment Group, a local firm in Ethiopia, will invest 110 million USD to build Africa’s premier aerospace manufacturing hub.
According to the agreement, the National Investment Group will manufacture 14 types of airplane spare parts.
The agreement is also expected to create job opportunities for 1,000 Ethiopians.
Industrial Parks Development Corporation CEO Aklilu Tadesse and founder and CEO of the National Investment Group, Captain Abera Lemi inked the agreement today.
Speaking during the occasion, Aklilu said the National Investment Group’s engagement in manufacturing airplane spare parts would be a great foundation for the development of the aerospace industry in Ethiopia.
By streamlining the processes, the corporation is working to attract capable and competitive local investors into industrial parks and free trade zones.
National Investment Group Founder and CEO Captain Abera said the agreement will create a big opportunity for the skilled human power in the field to curb the brain drain.
The company will work with various aircraft and parts manufacturers to produce and assemble aircraft components in Ethiopia and supply them to the global market.
Source: FBC
