Jiangsu Yongyuan Investment Co, a private firm located in Zhangjiagang, celebrated the 10th anniversary of its flagship initiative—the Eastern Industry Zone in Ethiopia. As Ethiopia's first Chinese private-led, national-level overseas economic and trade cooperation zone, it has established itself as a model for industrial growth and stands as a symbol of Zhangjiagang's international ambitions and commitments.
When the project was initially proposed in 2007, Ethiopia was unfamiliar with the concept of industrial parks. Yongyuan Investment addressed this by organizing visits for Ethiopian officials to industrial centers in Suzhou, Jiangsu province, and Shenzhen, Guangdong province, providing a practical example to guide Ethiopia's industrialization efforts.
Currently, the Eastern Industry Zone hosts 140 companies covering the textiles, steel, and cement sectors. It has provided 24,000 local jobs and produced a total output of $2.5 billion.
Looking forward, the company aims to invest another $200 million in the zone's second phase. This phase will feature 500,000 square meters of new factory space and house over 100 additional companies, with completion expected by the end of 2026.
Ethiopian employees work in the Eastern Industry Zone. An aerial view of the production base of Guofu Hydrogen, Zhangjiagang. [Photo/WeChat account: zhangjiagangfabu365]
Yongyuan is also eyeing expansion beyond Ethiopia, with plans to establish a 40-50 square kilometer special economic zone in either Tanzania or Kenya. The envisioned zone aims to attract 1,000 companies and create up to 500,000 jobs, further contributing to Africa's industrial transformation.