On 5 July 2018, Djibouti held an inauguration ceremony for the launch of the first phase of the Djibouti International Free Trade Zone, which is to be completed in 10 years and will be the largest zone of its kind in Africa. The Zone consists of four industrial clusters which will focus on trade and logistics, export processing, business and financial support services, as well as manufacturing and duty-free merchandise retail. Companies operating in the zone will be eligible for several tax exemptions.