Tigrai Online March 19, 2013
Ethiopia will spend 900 million birr ($49 million) to open its first industrial hub for export- oriented manufacturers in a bid to deliver faster economic growth, Industry Minister Mekonnen Manyazewal said.
South Korean garment-makers are among companies in talks with the government about establishing operations at the planned site in the capital, Addis Ababa, Mekonnen said in an interview in the city on March 15. The facility is scheduled to open before the fiscal year ends on July 7, he said.
“This is one of the key strategies to facilitate and support foreign and domestic private-sector partners and particularly to enhance exports,” Mekonnen said. “It’s key for our industrialization.”
The economy of Ethiopia expanded an annual average of 10.6 percent for the eight years through 2011, double the rate of all of Africa, according to the World Bank. The Horn of African economy runs on a mixture of state dominance of large industries such as banking, telecommunications and power with private investment in manufacturing and agriculture.
Source: Bloomberg- read more