Amhara transferring industrial parks to investors

Addis Ababa, February 22, 2016 (FBC) – The Amhara Regional State disclosed that it is transferring industrial parks equipped with full infrastructural works to investors.
Some investors stated that the establishment of industrial parks has enabled them to start production immediately by building their factories.

Process Owner for Industry Development with the Amhara Trade, Industry and Market Development the Bureau, Zinaw Lingerih said similar parks were built in 13 major towns of the state, including the state capital, Bahir Dar, over the past five years.

The government spent more than 340 million birr to build the parks which cover over 1,400 hectares of land, he said.

So far, more than 600 investors have benefited from road, water, power, sewerage and drainage facilities installed at the designated plots for investment.

The state government is prioritizing manufacturing-based investment projects which utilize raw materials from local sources, the head said.

Some 50 of those have started provision, the official indicated.

Bayh Mekonnen and Kassa Hailu, among the investors engaged in the manufacturing sacks and paints, respectively, said the allocation of parks with infrastructures have enabled them to quickly launch their projects.

In an interview with ENA, the investors also mentioned tax free importation of machineries and tax exemption periods as additional incentives which encourage the speedy implementation of proposed projects.

However, according to Zinaw, some investors fail to implement projects in line with the agreed time frame, with others also violating contracts by using the designated areas for other purposes.

Preparations are underway to build four big industrial parks jointly by the federal and state governments.