HAWASSA CITY – The Industrial Parks Development Corporation (IPDC) announced that it successfully attracted over 500 million US dollars in investment capital during the 2023/24 fiscal year, a significant boost to Ethiopia’s industrial sector.

According to Ethiopian News Agency, both local and international investors entered into contractual agreements with IPDC, contributing to the robust investment influx. These agreements were supported by vigorous investment promotion activities, stakeholder coordination, and national economic reforms, all of which played a critical role in enhancing the investment landscape.

The IPDC, which is currently evaluating its annual performance in Hawassa City, also noted significant advancements in the operational readiness of various companies within the industrial parks. Many companies are in various stages of pre-operation, including machine installation and staff training, with some already commencing production.

In addition to the capital investments, the corporation also highlighted the production of over 237 million USD worth of import substituting products during the last fiscal year. These products, including barley malt for breweries and construction materials, are aimed at reducing the country’s dependency on imported goods, aligning with broader economic strategies to bolster domestic production capabilities.

Furthermore, the review meeting emphasized the creation of market linkages, with IPDC facilitating over 124 million US dollars worth of inputs to manufacturers within the industrial parks. This initiative is part of a larger effort to integrate industrial park operations with the national economy, enhancing the overall economic impact of these investments.