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Djibouti (AFP) – Djibouti on Thursday launched the first phase of Africa's largest free-trade zone, seeking capitalization on its position on the world's busiest trade routes.
At ceremonies in the capital, President Ismael Omar Guelleh hailed the scheme as the culmination of infrastructure projects "boosting Djibouti's place in international trade and commerce".
The Horn of Africa nation, located at the mouth of the Red Sea and Suez Cbad, in 2017 unveiled three new ports a road linking it to landlocked Ethiopia, as part of its bid to become a global trade and logistics hub
Somalia's president, Mohamed Abdullahi Mohamed, hailed the free-trade zone as a "victory for East Africa", in comments echoed Paul Kagame of Rwanda and Omar al-Bashir of Sudan.
The area, which is connected to Djibouti's main ports, aims at diversifying the economy, creating new
The pilot phase launched on Thursday included 240-hectare (593-acre) site.
On the schedule completed 10 years from now, the $ 3.5- billion (three-billion-euro) initiative will span 4,800 hectares – the largest free-trade zone on the continent.
The project hopes to see foreign companies in the area, adding value to products
"The volume of goods traveling to East Africa keeps increasing. "Abderaker Omar Hadi, chairman of the Ports and Free Zones Authority"
A row of Djiboutian and Chinese flags fluttered side by side brightly painted bright yellow walls surrounding the expansive project – a symbol of the tiny country 's close links to the Asian light – fast growing fast growing infrastructure
Djibouti – which is also the site of China' s only overseas military is a major part of China 's "Belt and Road" global infrastructure initiative and in a prime position along what has been dubbed the "Maritime Silk Road"
The free trade zone is being run by Djibouti, the majority shareholder Chinese Companies: China Merchants Group, Dalian Port Authority and Chinese big data company IZP.
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