The Ethiopian government disclosed that its Chinese-built Kilinto Industrial Park (KIP) has improved the country’s ambition to attract experienced international pharmaceutical companies across the globe.
This industrial park, once fully finalized, will power the East African country’s potential to attract more foreign companies in the pharmaceutical sector as declared by The Ethiopian Investment Commission (EIC).
They also announced the signing of investment agreements with 10 international companies that have “shown great interest” to set up their industrial plants inside the premises of KIP.
With 270-hectares of land on the outskirts of Ethiopia’s capital Addis Ababa, the Kilinto Industrial Park is under construction by Chinese construction giant, Tiesiju Civil Engineering Group Co., Ltd. (CTCEGCL), at a cost of 204 million U.S. dollars.
“The Kilinto Industrial Park is now on the verge of completion, and once completed it will host more than 1,000 pharmaceutical companies.” as stressed by EIC Deputy Commissioner Temesgen Telahun.
This project is completely financed by the World Bank, features 18-km of asphalt road, provision of basic social services, green spaces, warehouses, business centers and car parking space.
Communications Director at the Ethiopian Industry Parks Development Corporation, Adenan Bere, told Xinhua recently that the East African country expects the KIP, which is under construction exclusively for pharmaceutical firms, to attract world-class companies with a view to help Ethiopia’s economy through the export of pharmaceutical products as well as import-substitution.
Bere also noted that incorporation to attracting foreign firms to penetrate Ethiopia’s emerging pharmaceutical sector, the IPDC is also working with local financial institutions to support local firms to invest in the industrial park.
It is remarkable how Ethiopian government in recent years has been attracting foreign firms in the pharmaceutical sector and especially Chinese firms which are becoming among the major foreign firms in exerting their capital and technology in the sector.
Last year, Chinese pharmaceutical giant, Sansheng Pharmaceuticals Plc, also inaugurated its production plant in Ethiopia amid Ethiopia’s higher demand for import substitution in medicines. They began its first phase of production in June 2018 inside the premises of the Eastern Industry Zone on the outskirt of Ethiopia’s capital.
Ethiopia is at present constructing or has commissioned 15 industrial parks as part of a plan to turn the country into a light manufacturing hub in Africa by 2020.