Chinese WODA Steel Company Signs MOU with EIC to Upgrade Itself to Industrial Park Level - ENA English
Chinese WODA Steel Company Signs MOU with EIC to Upgrade Itself to Industrial Park Level
Addis Ababa August 11/2022/ENA/ Chinese WODA Steels Company and Ethiopian Investment Commission have signed a memorandum of understanding (MOU) to upgrade the company to an industrial park level.
The company has been producing steel products on a large scale in Ethiopia since 2016 contributing a lot in reducing imported products.
And at this time, the company has signed MoU with the Ethiopian Investment Commission (EIC) to transform itself into an industrial park.
Accordingly, the company would establish Industrial Park in Sebeta town of Oromia region in collaboration with other two companies.
Expanding from and existing 18.9 hectares of operational factory, the park will have 100 hectares of land in Sebeta.
During the signing ceremony, Deputy Commissioner of EIC, Daniel Teressa said the commission will provide supports both to foreign and local investors to expand their investment activities in Ethiopia indication the MoU signed today as part of this support.
He further said the efforts being carried out by WODA Steel Company to engaged in industrial parks is commendable that could be model for other similar companies.
The company’s participation in industrial parks development will contribute a lot in job creation, import substitution and knowledge transfer, the deputy commissioner underlined.
Head of the Company, Steven Sue said that with approximately 95 million USD, WODA INDUSTRIAL PARK will host manufacturers to engage in production of Metal and Engineering, Cables manufacturing, Automotive and Tire industries.
Employing eco industrial park principles, manufacturers inside the park will engage in highly import substituting and hard currency generating products.
The park will facilitate knowledge and technology transfer by creating more than 17,500 job opportunities, according to EIC.
He added that efforts will be made to complete the remaining works in the park so as to commence producing several of products over the next three years.
The agreement to upgrade the company to Industrial Park's level was made following Ethiopian Investment Board’s (EIB) decision, it was learned.