The country earned $one billion from the products that were exported from the industrial parks.
The Industrial Parks Development Corporation has announced that $1.1 billion has been obtained from the products sent to foreign countries from the industrial parks in Ethiopia in the last four years.
In Adama Industrial Park, a factory that produces various plastic pipes with an annual income of $17 million has been completed and started working.
Mr. Aklilu Tadesse, CEO of Industrial Parks Development Corporation said that various products from 13 industrial parks managed by the corporation are being offered to the foreign market.
The CEO said that in four years, $ 1.1 billion has been earned from the products that the industrial parks provide to the markets of different countries.
The chief explained that domestic production of imported products has started and $550 million of foreign currency has been saved.
He pointed out that textiles, agricultural products, plastic, and various products are being offered to the foreign market in the industrial parks built in Hawassa, Dredawa, Bahir Dar, Debre Berhan, Semera, Jimma, and other parts of the country.
He said that substituting imported products in the country, especially beer malt and various industrial products has been achieved.
However, the deterioration of the country’s security problems is causing a shortage of production resources for industrial parks.
The manager of Adama Industrial Park, Mr. Gulilat Abebe, announced that more than $50 million has been generated from the sale of products from the factories that have entered the industrial park.
He stated that the plastic pipe manufacturing plant built at the cost of $14.5 million in Adama Industrial Park will generate more foreign exchange.
Mr. Esmalemalem Zewde, CEO of EZM Trading and Investment Company, said that by providing quality products on time, the factory will reduce the foreign exchange used to import plastic pipes.
He said that through the production, the capacity to supply reliable and preferred plastic pipes and fittings has been created in Africa.
The factory has created permanent job opportunities for more than 200 workers and has offered job opportunities to 400 Ethiopians through various business connections and various options.
Three years ago, following the outbreak of war in northern Ethiopia, the United States imposed various economic sanctions.
One of the sanctions is to block Ethiopia from the US Free Trade Area or AGOA, and industrial parks are particularly affected by the sanctions.
The US has extended the sanctions for one year because the situation in Ethiopia is still a threat to East Africa and US foreign policy in addition to Ethiopia.
Ethiopia was earning more than $100 million every year by exporting its products to US cities duty-free.
The US economic sanctions have affected companies that have planted in Ethiopian industrial parks and are manufacturing and selling their products to world markets.
Companies that used to send their products to US, European, and Asian markets are forced to migrate to other countries by extending the sanctions for another year.
