By: Kassahun Chanie.
In a bid to bolster its industrial sector, Ethiopia has extended an invitation to Zenit Steel Company, a prominent player in the production of electrical and metal equipment in China.
The rendezvous between Aklilu Tadese, CEO of the Ethiopian Industrial Parks Development Corporation, and Zenit Steel's General Manager, Leon Donga, underscored Ethiopia's eagerness to tap into the expertise and resources of Chinese investors. Recognizing the significant contribution of Chinese investors to Ethiopia's industrial park landscape, the Corporation has dedicated a Chinese investment desk to facilitate collaboration and streamline processes.
During the meeting, Zenit Steel Company delineated its investment blueprint, shedding light on its ongoing operations and forthcoming ventures. Notably, the company is slated to inject a staggering $150 million into its inaugural phase, earmarking more than 30 hectares of prime land within the Bole-Lemi Industrial Park.
Expanding its footprint further, the Industrial Corporation disclosed its acquisition of over 100 hectares in the Dire Dawa Free Trade Zone and adjacent industrial parks, signaling a strategic move to catalyze economic growth and attract foreign investment.