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Djibouti and China Merchand Holding on Tuesday signed an agreement for the construction of Djibouti Free Trade Zone, an official source has said. dollars
The agreement was signed by the president of Djibouti Ports and Free Trade Zones Authority Aboubaker Omar Hadi and the Director of China Merchand Holding Li Xiaopeng, in the presence of Djibouti President Ismail Omar Guelleh.
Besides the construction of the biggest free trade zone in the country, the agreement included the construction of a shipyard, a highway and expansion of Doraleh port.
The free trade zone will be used for various commercial activities that will include manufacturing, air and sea transportation, electronics trade and regional distribution, conference facilities and international exhibitions, cruise ship terminal, residential and entertainment installations, hotels and tourism centers and a petroleum industrial park.
This mega project that will be constructed continuously for the next ten years, will cost 7 billion U.S. dollars.
Speaking after the signing ceremony, Hadi said the project will considerably boost his country’s economy as it will act as the economic catalyst for Djibouti’s future.
Hadi recalled that in January 2013, Djibouti signed with China Merchand Holding an agreement for construction of two ports : Doraleh Multi-Purpose Port and Damejog port that is currently under construction.
He said the signing of the current agreement propels China Merchand Holding to the position of Djibouti’s first economic partner. Enditem

Source: Xinhua

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