Ethiopia’s Industrial Parks Generate Over $200 Million in Import Substitution Revenue

ADDIS ABABA – Ethiopia’s network of industrial parks has significantly bolstered the nation’s economy by producing goods worth over $200 million that have substituted imports over the past nine months. This achievement was part of a broader strategy to reduce foreign currency expenditure and strengthen the local economy.

According to Ethiopian News Agency, CEO of the Industrial Parks Development Cooperation (IPDC), the parks have not only contributed to import substitution but have also generated more than $90 million in revenue from exports. These parks are strategically located across Ethiopia and focus on various sectors including pharmaceuticals and essential goods, playing a crucial role in the country’s economic strategies.

Taddese highlighted the dual benefits of these parks: reducing the amount spent on foreign imports and providing employment opportunities within the country. The efforts align with the government’s goals of achieving economic prosperity by promoting local production and expanding into international markets with high-quality products.