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An agreement was signed to build a fully developed industrial park in Dredawa city at a cost of 5 billion birr by a local investor.

The industrial park is the first and only park to be developed by a local investor in Ethiopia.

The Ethiopian Investment Commission has signed an agreement with a private company called Redawa Motors Industry to develop the Redawa Industrial Park.

The agreement was signed by Deputy Commissioner Daniel Teresa and the owner and CEO of Redawa Motors Industry, Engineer Tadese Admasu.

The industrial park is located on 116 hectares of land and it is said to be the 9th industrial park in Ethiopia.

Deputy Commissioner Daniel Teresa said at the agreement ceremony that the park will help to expand and modernize national products.

He added that it has its own contribution in the effort to increase the national foreign currency income and bring about overall economic growth.

The owner and CEO of Redawa Motors Industry, Engineer Tadese Admasu said that his company is working to bring about a big change in the development of the industry in the country.

With this, he stated that he has made an agreement to build an industrial park in Dredawa city at a cost of 5 billion birr.

He stated that when the construction of the industrial park is fully completed, more than 23 factories will live in it.

Mr. Kedir Juhar, Mayor of Dredawa administration, said that Dredawa city is becoming an investment option due to the safe peace.

He said that the construction of the industrial park will create job opportunities for the city’s youth and contribute to the development of the city by increasing foreign exchange earnings.

Minister of State for Industry Ato Tareqin Bululta said that the construction of the industrial park will help the ‘Ethiopian Industry’ movement.

As self-reliance is an unavoidable issue to uphold the sovereignty of the country, the government will work diligently to increase national products, ESA reported.