apanese company has signed a Memorandum of Understanding (MoU) with Ethiopian Investment Commission (EIC) to develop and manage Japanese Special Zone within the Bole-Lemi II Industrial Park.

The Japanese company Tomonius will build the special zone which rests on 31 hectares of land.

Signing the MoU today, Investment Commissioner Fitsum Arega said the partnership is another testimony to the attraction of Ethiopia to Japanese investors.

The Commissioner noted that industrial parks will create jobs, increase export revenue and help share best practical to local investors.

Political stability, commitment of the government, macroeconomic stability and well developed infrastructure are among the factors that have made Ethiopia one of the best investment destinations in the world, he added.

According to him, Ethiopia has attracted the biggest textile and apparel investment in 2015/16 in the world, next to Vietnam.

Tomonius Company Director Hiroshi Otsubo said on his part “we have found that this country has much potential. For example, the population is huge and many of these are young people and electricity cost is very cheap. So these are very good conditions for manufacturers.”

The company targets to accommodate 20 to 30 factories after the completion of the park.

Bole-Lemi II Industrial Park is being developed on 186 hectares, in collaboration with the World Bank Group