ADDIS ABABA, Dec. 4 (Xinhua) -- The Ethiopian government has promoted 10 industrial parks managed by the Ethiopian Industrial Parks Development Corporation (IPDC) into special economic zones (SEZs).
The IPDC, in a statement issued late Tuesday, said after assessing the status of the industrial parks, the Ethiopian Investment Board has officially designated 10 out of the 13 industrial parks and the Dire Dawa Free Trade Zone that are managed by the IPDC as special economic zones, as they meet the necessary criteria.
The corporation said the transition envisaged boosting foreign direct investment, stimulating private sector participation across various economic sectors in Ethiopia, promoting economic clusters, and improving the efficiency of import-export activities.
The move is further expected to enhance Ethiopia's global competitiveness, foster import substitution, and contribute to the East African country's sustainable economic development efforts.
The decision to promote the 10 industrial parks into SEZs is said to align with the Special Economic Zones Proclamation that was recently passed by the Ethiopian House of Peoples' Representatives, the lower chamber of the parliament.
The majority of the newly promoted SEZs were built by Chinese companies, while Chinese investors currently constitute the largest group of foreign investors in the industrial parks managed by the IPDC across Ethiopia.
In October, the Ethiopian Investment Commission (EIC) commended Chinese investors' crucial role in bolstering Ethiopia's economic development, injecting substantial capital, and creating jobs.
According to data from the EIC, some 3,309 Chinese projects have invested more than 8.5 billion U.S. dollars in Ethiopia over the past years, significantly contributing to the country's socioeconomic goals. It said these investments have generated over 325,400 permanent and temporary job opportunities for Ethiopians in recent years. ■