Egypt’s industrial zone in Ethiopia expected to attract $100mn-investments: official

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The Egyptian industrial zone project that is set to be build in Ethiopia is expected to attract investments of around US$100 million during the first phase.

Speaking to Amwal Al Ghad Tuesday, Head of Egypt’s side at Ethiopian-Egyptian Business Council , Ahemd El Sewedy stated that Ethiopian government submitted suggestions to change the location on which the zone is set to be established.

El Sewedy, also the chairman of Elsewedy Electric Group, said that all suggested places are located in the Ethiopian capital Addis Ababa.

Elsewedy Electric Group is the industrial developer of the zone which is set to be implemented on the space of around 2 million metres, the official clarified, adding that this role would enable the group to attract Egyptian investors to invest in the zone.

El Sewedy noted that the group is currently studying  nature of the suggested land plots to choose the right place that cope with Egyptian investments within the coming period.

On other side, statistics of foreign trade sector at Egyptian trade ministry showed that the number of Egyptian firms working in Ethiopia is around 137 whose investments are estimated at US$2 billion.

Meanwhile, the trade exchange between Egypt and Ethiopia is estimated at US$200 million, the statistics stated.