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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.