ADDIS ABABA- China remains a leading foreign investor in Ethiopia and Chinese businesspersons have operated investment projects surpassing the five billion USD mark during last year, a senior diplomat said.
Minister Consular of the Chinese Embassy in Addis Ababa Yang Yihang (PhD) stated that Chinese government and private businesses are operating almost 2,000 projects in Ethiopia and creating 65,000 jobs. The amount of the investment has also surpassed five billion USD in 2023.
Also, the total number of Chinese enterprises operating in Ethiopia reached about 500 and plus.
The business portfolio is expected to be higher as the FDI inflow from China to Ethiopia is increasing from time to time. “In a single year, i.e., in 2023, Chinese enterprises produced 223 new products in Ethiopia.”
According to the diplomat, Prime Minister Abiy Ahmed (PhD) and Chinese President Xi Jinping’s agreement to elevate the two countries’ relations to all weather cooperation is of great significance in invigorating the businesses-to-business ties.”
“The transformation of Ethio-China ties to all weather diplomatic cooperation is also a significant move making more investments. The future cooperation will be better as improvements are growing.”
Yihang (PhD) further highlighted that Ethiopia is an important player in the China-Africa cooperation and the second China Africa forum was held in Addis Ababa showcasing its role in bridging China with the rest of the continent. China-Africa cooperation projects are also being supported by Ethiopia,
Under the guidance of Forum on China-Africa Cooperation-FOCAC, China and Ethiopia have made great breakthrough achievements. Renewable energy, agriculture and the manufacturing industry are major sectors that the two countries are working together.
The number of Ethiopian products entering into the Chinese market is growing at a rate of 46 percent annually, the Minister Consular remarked.
For his part, the Institute of Foreign Affairs Asia and Pacific Affairs Director General Anteneh Getachew (PhD) stated that the FDI flow from China is growing and supporting Ethiopia’s economy. The expert, however, emphasized the need to make a trade balance between the two countries.
BY YESUF ENDRIS
The Ethiopian herald May 26/2024
