ADDIS ABABA– China has steadily ranked among the top five nations in a row for Foreign Direct Investment (FDI) inflows into Ethiopia, the Ethiopian Investment Commission (EIC) announced.
Ethiopian Investment Commission in collaboration with the Chinese Chamber of Commerce and the Embassy of People’s Republic of China, has held a consultation meeting yesterday aimed at enhancing the performance of existing Chinese investors within the Ethiopian economy.
During the discussion EIC Commissioner Zeleke Temesgen (PhD) stated that China has constantly ranked among the top five countries for FDI inflows into Ethiopia in the last five consecutive years.
Chinese investors have represented over 50% of all new investment projects registered in Ethiopia, he noted, underscoring their significant role to the country’s economic development.
Ethiopia stands out as one of only four nations worldwide and the sole African nation to have established an all-weather strategic partnership with the government of China, he indicated.
This meeting is focused on improving the business environment to attract more Chinese investment into Ethiopia, Zeleke said.
“This consultation as a preliminary step to a larger government-led dialogue with all foreign investors to creating a smoother, more efficient investment environment to attract more Chinese investment into Ethiopia,” he explained.
The Ethiopian government is actively working on reforms to increase foreign investment, especially in sectors previously reserved for domestic investors, such as trade, banking, and logistics, and transport, commissioner said.
This collaboration between the Ethiopian Investment Commission and the Chinese Chamber of Commerce aims to strengthen the foundation for future Chinese investments, ensuring Ethiopia remains an attractive destination for them and promoting mutual economic growth.
Chinese Ambassador to Ethiopia, Chen Hai on his part said that over the past years, Chinese investors have made significant contributions to the Ethiopia’s industrialization, agriculture and infrastructure development.
Chinese Chamber of Commerce in Ethiopia has also playing active role in serving its member companies promoting China-Ethiopia economic and trade cooperation and contributing the development of both nations, he added.
The past year has been a fruitful year and the New Year is full of hope and Ethiopia is advancing financial reforms striving to create a favorable business environment, the ambassador mentioned.
Ethiopia is the only strategic partner of China in Africa, he said, adding that the East African country is a gateway to the belt and road initiative.”Via several dialogues, we have identified several issues in the business environment that require attention,” he said.
Over the past three decades, more than 3,300 Chinese investment projects have received permits, collectively contributing over 8.5 billion USD to various sectors of the economy, including manufacturing, construction, and real estate and created job for over 325,470 Ethiopians.
BY MISGANAW ASNAKE
THE ETHIOPIAN HERALD FRIDAY 3 JANUARY 2025
