ADDIS ABABA- Ethiopia inked a 4 billion USD investment deal with five renowned Chinese companies in the sideline meetings of the 2nd Belt and Road Forum in Beijing (FDI), the Ethiopian News Agency reported.
The agreements include the 1.8 billion USD with the State Grid Corporation of China, which mainly targeted for providing of power generation of 16 industry parks including the Addis-Djibouti railway.
Tyson Group and Green Diamond Companies in collaboration will engage in pulp and paper production in Benshangul Gumuz State to produce up to one million tons of paper per annum.
The two companies will invest some two billion USD during their actual operation and also expected to play their crucial role in boosting the FDI.
EIC Commissioner, Abebe Abebayeyu, told the media that the stated and other agreements will massively boost investments in Ethiopia.
Last year’s total Foreign Direct Investment (FDI) amount was 3.7 billion USD but the recent agreement alone is close to 4 billion USD. So, the forum was productive and crucial for the country`s FDI, he underscored.
China has just concluded its second Belt and Road Forum, attended by delegates from over 150 countries including Prime Minister Abiy Ahmed. Trillions of dollars expected China to spend on projects in the Belt and Road Initiative.
Meanwhile, the other China Company CGCOC Group has established a fully integrated livestock and meat processing plant with an annual slaughtering capacity of 300,000 cattle and three million sheep in Awash, Fentale.
The deal could improve nation export performance in livestock as well create jobs, the Ethiopian Broadcast reported.
Likewise, while Amity Printing plans to set up a printing factory in Ethiopia, Zhende Medical Products Manufacturing agreed to invest in a pharmaceutical plant in Kilinto Industrial Park to manufacture wound care, surgical sensory, pressure therapy and fixed products.
The Ethiopian Herald May 1/2019
BY MENGISTEAB TESHOME
