Ethiopia extended an offer for Israeli investors to take part in the second Growth and Transformation Plan (GTP II) period, which will see the construction of 2.4 million new apartments. Out of the 2.4 million, 900,000 of them are planned to be constructed in the capital city, Addis Ababa. The government also plans to build 8 new industrial parks within the five years.
In relation to this representatives of an Israeli design firm, AlefBet’s Planners, visited Ethiopia and met with the State Minister for Urban and Development. The State Minister expressed the desire for cost effective and high quality projects.
According to Jewish Business News, in the last years, constructions in Ethiopia are undertaken by companies from the Far East, which did not satisfy the quality demand in the constructions sector. This is making them turn to Israeli companies.
During the representative’s visit, AlefBet’s Planners signed a deal with TIRET, an Ethiopian mega construction group. The agreement was concluded in the aim of filling the gap of knowledge in the areas of Hi-Rise construction, site and regional development, design and supply of supporting services to the community and more.
Commenting on the development Daphna Regev from AlefBet Group said: “Ethiopia’s economy is growing very fast, the construction sector reached more than 30% growth in the past two years. The average growth rate is expected to reach 11.6% per annum. This construction capacity is beyond the capacities of the local industry. The Ethiopian government is granting incentives such as land plots free of charge, fast track design, and more. Contrary to Europe, North-America and even Israel who have all experience saturation of construction, Africa is only at the brink of massive development.”
[jewishbusinessnews.com/]
