Ethiopia’s National Investment Group has announced plans to manufacture airplane parts and supply to airplane makers elsewhere in the world.
The National Investment Group, a local firm in the East African nation, on Friday signed an agreement with the government’s run Industrial Parks Development Corporation (IPDC) for 14 hectares of land at Kilinto Industrial Park to manufacture the airplane spare parts.
The National Investment Group said after signing the agreement that it would invest $110 million to build the first aerospace manufacturing hub in Africa.
According to the agreement, the National Investment Group will manufacture 14 types of airplane spare parts and it is expected that the deal will create job opportunities for 1,000 Ethiopians.
The CEO of the Industrial Parks Development Corporation, Aklilu Tadesse, and founder and CEO of the National Investment Group, Captain Abera Lemi, inked the agreement in Addis Ababa, the Ethiopian capital.
Speaking on the occasion, Tadesse said the National Investment Group’s engagement in manufacturing airplane spare parts would lay the foundation for the development of the aerospace industry in Ethiopia.
In his remarks, Lemi said that the company would work with various airplane manufacturers to produce and assemble aircraft components in Ethiopia and supply to the global market.