ADDIS ABABA, June 22 (Xinhua) – Chinese investment in Ethiopia has been widely recognized as a crucial factor in driving economic development within the East African nation. This sentiment was echoed at the Beijing-Ethiopia Business Cooperation Promotion Conference held on Friday in Addis Ababa, the capital of Ethiopia.
Mesenbet Shenkute, the president of the Addis Ababa Chamber of Commerce and Sectoral Association, highlighted the significant contributions of Chinese companies to Ethiopia’s economic growth. These contributions include the construction of mega infrastructure projects such as railways, expressways, suspension bridges, and modern skyline buildings. Shenkute emphasized that the collaboration between Ethiopia and China has resulted in the development of industrial parks, sugar factories, hydropower dams, wind power plants, and other crucial infrastructure projects.
China has emerged as a major supplier of goods to Ethiopia, providing machinery, equipment, medicine, and consumer goods, while also importing a substantial amount of Ethiopia’s agricultural products like coffee, leather, oil seeds, and flowers. This trade partnership has strengthened the economic ties between the two countries.
Furthermore, Chinese companies have become the leading source of foreign direct investment (FDI) in Ethiopia, with investments exceeding $5 billion and the creation of over half a million local jobs. This investment has been instrumental in promoting economic growth and providing employment opportunities for Ethiopian citizens.
Semereta Sewasew, Ethiopia’s state minister of Finance for Economic Cooperation, emphasized the strategic partnership between Ethiopia and China, citing the positive impact of Chinese investments on Ethiopia’s economic development. She highlighted the compatibility of Ethio-Chinese development strategies, which focus on mutual benefits, equality, fairness, and inclusiveness.
Sewasew urged Chinese companies to further enhance their investment activities in Ethiopia, leveraging the recent economic and political reforms implemented by the Ethiopian government to attract more foreign and private investments. She expressed Ethiopia’s interest in strengthening its partnership with China across various sectors, including trade and investment, green energy development, digital economy, and healthcare.
Overall, the longstanding relationship between Ethiopia and China has played a crucial role in promoting economic growth, infrastructure development, and job creation in Ethiopia. The cooperation between the two countries continues to yield positive results, benefiting both nations economically and diplomatically.
