Manufacturing company Turkish Industry Holding is planning to invest €750m in the first phase of a major industrial park in Ethiopia’s Tigray province.
The company, which is made up of six groups specialising in granite, steel, construction, MDF, paper and ceramic, is planning to use the project to develop its own production facilities.
Ozan Semerci, a board member of the developer, told GCR the plan was to develop the site in three stages.
He said: "There will be 15 different factories which will be completed in three phases lasting five or six years. The first phase, which will have a value of €750m, will be four factories making ceramic, granite, paper and prefabricated housing systems.
"We will lay the foundation in March or April after which we are planning to finalise the first phase within two years. When we complete the final phases it will add up to the €2.8bn or €3bn investment."
Work on the 500ha facility is scheduled to begin spring next year in the town of Adi Gudem, which is in Hintalo district, in the northern Ethiopian province of Tigray.
According to East African website The Exchange, Kelelie Hagaze, administrator of the woreda, said his office was ready to provide the necessary support, including granting the land needed to build the park.
Image: The site of the park in Tigray province (Turkish Industry Holding)