The Republic of Cote d’Ivoire has taken a step further in its industrlialisation efforts with the planned construction of industrial park development projects in select parts of the country. This dream became a reality over the week end with the signing of the development agreement for Industrial Park PK 24 in Abidjan by the government of Cote d’Ivoire and the African Export-Import Bank (Afreximbank).
Speaking on the development, the President of African Export and Import Bank (Afreximbank) Prof. Benedict Oramah said that Industrial Park PK-24 is expected to cost $290 million and the capacity to host up to 60 tenant companies would focus on the processing of key commodities, including cocoa, cashew nuts, fruits and vegetables, and on light manufacturing in pharmaceuticals, equipment assembly and home appliances, among others.
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It would feature inside-the-fence infrastructure, such as roads, power, water, information and communication technology and waste management, manufacturing plants, warehouses, a logistics complex, offices, and commercial and residential buildings, continued the President.
According to him, the Industrial Park is expected to contribute to the industrialization objectives of the Ivorian Government by creating over one million jobs, increasing foreign exchange earnings by increasing value-addition and non-traditional exports, and increasing foreign direct investment by offering world-class facilities and infrastructure that will attract investment. He announced that Afreximbank was mobilizing international companies to acquire and set up agro-processing and pharmaceutical factories and warehouses within the industrial park, saying that the interest from global companies had been significant.
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Responding, the Prime Minister Amadou Gon Coulibally told Prof. Oramah that the Cote d’Ivoire needed the continued commitment of Afreximbank in order to establish local industries. He commended Prof. Oramah for his leadership of Afreximbank, which, he said, had helped to position the institution as a leading financial institution contributing to Africa’s industrialization and promoting intra-African trade.
Afreximbank according to Prof. Oramah wanted to create capacities that would help Africa to overcome the infrastructure deficits that, for long, has been the bane of its industrialisation by not only creating the capacity for value addition but by also attracting global manufacturing investments and ensuring improved and competitive access to African and global markets. “We want to make sure that as African markets are opened for African goods under the African Continental Free Trade Area, Africa has goods to trade,” stated Prof. Oramah.
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Afreximbank was equally urged to continue its drive to promote Africa’s industrialization by ensuring the speedy completion of the Abidjan Industrial Park PK-24.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.