The Chinese giant Maxtor International Financial Services Group on Wednesday inked a memorandum of understanding with the Amhara Regional State that would enable the former to build a Special Economic Zone in Bahr Dar.
It was announced during the signing ceremony that the new project was unique for being the first of its kind to have come to Ethiopia.
Officials of Maxtor also revealed that it chose its investment in Ethiopia after conducting comprehensive business and economic feasibility studies among various African countries.
It was also noted that the new project is expected to lie by the side of LakeTana, Africa’s second largest lake. Similarly, the project requires at least 10 hectares of land but the regional administration has not yet allocated the requested land.
The project focuses on tourism business, and it is expected to attract up to 20,000 tourists to Ethiopia upon completion.
The project will also undertake the purchasing of planes as well as vehicles exclusively to ferry tourists to and from the area.
The project, which is expected to have unique design, will first secure land to construct its office facilities while the main investment land deed will be considered by the regional administration in due course, according to the company’s officials.