Six investors have signed service level agreements with the Industrial Parks Development Corporation (IPDC) and are spending $160m in the construction factories at the Bole Lemi Special Economic Zone, the Fana broadcasting corporation reports.
IPDC chief executive Feseha Yetgesu said the companies, which he did not name, were establishing industrial activity within the zone located in the eastern suburbs of Addis Ababa.
He added that most of the investors were in the final stages of construction and machinery installation.
Once operational, the companies are expected to create over 2,000 permanent jobs.
Bole was the first of 11 industrial parks to be designated as SEZs by the Ethiopian Investment Board. The government of Ethiopia has based its industrialisation strategy on their establishment and future expansion.
Bole Lemi started operations in 2014 with 20 factory sheds covering 353ha of land. This is presently leased by companies from India, China and South Korea. It has ample surplus land for future expansion.
This highlights its potential to become a key hub for rapid industrial development in Ethiopia.
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