The Industrial Parks Development Corporation (IPDC) inked memorandums of understanding with 8 manufacturing companies and four finance institutions which were ready to enter the Dire Dawa Free Trade Zone.

The companies that signed agreements with IPDC include EUPIA Trade and Logistics PLC, Perkins Industrial PLC, IE Networks, YAT Industrial PLC, Asmamaw Asfaw General Contractor, Mas Sky Trading PLC, and NILECO Electric Equipment Manufacturing PLC. Six of the eight companies are owned by local investors. On the other hand, Commercial Bank of Ethiopia, Cooperative Bank of Oromia, Dashen Bank, and Enat Bank are the four financial institutions that signed agreements to provide their services in the free trade zone and work with IPDC.

Dire Dawa Free Trade Zone was inaugurated in August last year. It was built in Dire Dawa because of the city’s proximity to ports, market potential, and sustainability for multimodal transportation. It is expected that the zone will create employment opportunities for a maximum of 100,000 citizens. It will also provide support for the manufacturing, importing, and exporting procedures and offer customs duties privileges while playing a significant role in reducing the cost of logistics.

Source (including image): IPDC

Additional source: Ethiopian News Agency