Industrial Parks Development Corporation of Ethiopia (IPDC) has signed a Memorandum of Understanding (MoU) with Anda Vehicle Manufacturing Company and Aniy Furniture PLC, a Chinese electric vehicle and modern office furniture manufacturer.

The MoU, valued at over Birr 2.6 billion, was signed by IPDC’s Chief Executive Officer, Dr. Fisseha Yitagesu, and the company’s CEO, Wu Hangshu. As per the agreement, the company will develop a range of electric vehicles on a two-hectare plot within the Bole Lemi Industrial Park. In addition to electric motorcycles, the company will also produce modern office furniture for both domestic and international markets.

Once fully operational, the company is expected to take over the land from IPDC and create numerous employment opportunities for local citizens.

Currently, more than 140 local and foreign investors are engaged in various sectors across the 13 industrial parks and the Dire Dawa Free Trade Zone, all managed by the IPDC. According to data from the corporation, Chinese investors represent the largest share of investment participation in industrial parks.

Source: Ethiopian News Agency