Addis Ababa: Toyo Solar, a Chinese company headquartered in Vietnam, has expressed a strong interest in investing within Ethiopia’s industrial parks, under the Industrial Parks Development Corporation (IPDC).
CEO of the IPDC, iseha Yitagesu has met with Toyo Solar’s CEO, Li Huayang, at the corporation’s office to discuss potential investment opportunities in Ethiopia.
During the meeting, the CEO highlighted the investment options available in the industrial parks managed by the corporation, including the Dire Dawa Free Trade Zone.
He further elaborated on the infrastructure developments, various investment incentives, and the economic reforms implemented by the government to create a conducive environment for investors.
Toyo Solar’s CEO, Li Huayang, also provided insights into the company’s investment plans, current operations, and the first-phase projects they intend to implement in Ethiopia. The company plans to acquire 5 hectares of land for investment in the initial phase.
With an estimated investmen
t of 100 million USD, Toyo Solar’s project is expected to create permanent employment opportunities for more than 400 Ethiopians.
The company aims to export its products to key markets, including the Middle East, India, and the United States, according to information from the Industrial Parks Development Corporation.
Additionally, it was said that Toyo Solar will soon complete its pre-investment assessments and begin operations with the necessary support and supervision from the relevant authorities.
The company has identified the Bole Lemi, Hawassa, and Dire Dawa Free Trade Zones as potential locations for its investment.
Source: Ethiopian News Agency