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Ethiopia: IPDC, Local Companies Sign U.S.$55 Million Investment In Pharmaceutical Sector

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Addis Ababa — : The Industrial Parks Development Corporation (IPDC) has signed agreements with 5 local companies with an outlay of more than 3 billion birrs to invest in the pharmaceutical sector in Kilinto Industrial Park.

Akilulu Tadese, IPDC CEO, said that the involvement of domestic companies in the pharmaceutical sector will not only increase our country’s medication coverage but will also play an important role in avoiding the foreign currency spent in the sector.

When the companies come into operation, they will produce medicines and medical supplies and provide them to the local market, and they will create permanent and temporary jobs for more than 1500 citizens.

IPDC signed an agreement Saturday with 10 local companies that have invested more than 8.2 billion birrs in industrial parks. When the companies start production, they will create permanent and temporary jobs for more than 7000 citizens.

Kilinto Industrial Park, which hosts these investments, is known to be a modern investment center with a focus on pharmaceuticals.

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