ADDIS ABABA - China Civil Engineering Construction Corporation (CCECC) is to build an industrial park in the resort city of Bahir Dar, 552 km north of Ethiopian capital Addis Ababa at a cost of $60 million.

The agreement was signed in Addis Ababa Friday between Chief Executive Officer of the Ethiopia Industrial Park Development Corporation (IPDC) Sisay Gemechu and Li Wuliang, general manager of CCECC Ethiopia.

This will be the first industrial park to be constructed in Bahir Dar, capital city of Amhara regional state well known for its lakeside attractions and as a center for conference tourism.

Li said CCECC will strive to finish the 75 hectares industrial park, which will have 8 factory sheds and basic infrastructure utilities, within the agreed 9 month period.

CCECC is already constructing an industrial park in Adama city, 99 km southeast of Addis Ababa.

It also constructed Ethiopia's flagship industrial park the Hawassa Industrial Park located 275 south of Addis Ababa at a cost of $250 million.

Gemechu on his part said once operational the Bahir Dar Industrial Park will utilize a workforce in excess of 20,000 people producing value added agricultural products for export.

Ethiopia is on a massive industrialization drive with plans by the state entity to develop 100,000 hectares of land annually for a 10 year period ending 2025.