The Djibouti International Free Trade Zone, constructed with the participation of Chinese enterprises, held its groundbreaking ceremony on the 16th in Djibouti, the capital of the East African country. This marks an important step for Djibouti towards becoming a regional logistics center.
The Djibouti International Free Trade Zone covers an area of about 48 square kilometers, with an initial investment of 347 million US dollars. It is jointly invested and operated by the Djibouti Ports and Free Zones Authority, China Merchants Group, Dalian Port Group, and Yizhanpu Group.
The free trade zone encompasses all major ports in Djibouti and will focus on building four major industrial clusters: logistics, trade, processing and manufacturing, and business support services. Enterprises settling in will enjoy one-stop services in customs clearance, visas, company establishment, legal and tax affairs, training, and finance.
Djibouti's President Ismail Omar Guelleh, China Merchants Group Vice President Hu Jianhua, personnel from Dalian Port Group, the Chinese Embassy in Djibouti, and officials from the Djibouti Ports and Free Zones Authority attended the groundbreaking ceremony.
Guelleh stated that the construction of the free trade zone will further strengthen Djibouti's role as a corridor connecting Africa and the Middle East and linking Europe and Asia, and will have an unprecedented driving effect on Djibouti's economy.
Hu Jianhua believes that the Djibouti International Free Trade Zone will further leverage its geographical advantages and port potential, attract more manpower, capital, and factories to Djibouti, and build Djibouti into a regional shipping center, logistics center, and financial center. According to Hu Jianhua, the Djibouti International Free Trade Zone will be initially completed by the end of 2017.
Djibouti is located in the northeast corner of Africa, on the west coast of the Gulf of Aden. It is a strategic point where the Red Sea leads to the Indian Ocean, radiating to East Africa, the Middle East, and the Red Sea region, and is an important coastal transit point for African countries' foreign trade.