BEIJING, Jan. 20 (Xinhua) -- Construction on the Djibouti International Free Trade Zone lately has kicked off, signifying a key step of Djibouti to become a regional logistic center.
The Djibouti International Free Trade Zone, designed to cover 48 square kilometers, is co-invested and operated by Djibouti Port and Free Trade Zone Management Bureau and three Chinese companies, namely China Merchants Group, Dalian Port Group, and IZP Group. Preliminary investment on this project hit 347 million U.S. dollars.
The Djibouti International Free Trade Zone would cover all major ports in Djibouti, targeting to create four major industrial clusters including logistics, commercial trade, processing manufacturing, and business services.
Construction work is expected to finish by the end of 2017, said Hu Jianhua, deputy general manager with China Merchants Group.
Hu noted that the Djibouti International Free Trade Zone would promote Djibouti to be a regional shipping, logistic and financial center by attracting more talents, investment, and plants to enter the country.
Meanwhile, construction of the free trade zone would further strengthen the role of Djibouti as link between Africa and the Middle East and a corridor in Eurasia, and enormously fuel the economic development of Djibouti, said Guelleh, president of the country. Enditem (Edited by Li Xiaohui, lixh@xinhua.org)
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