The Ethiopian President Sahle-Work Zewde on Friday pledged to give robust support to Chinese Investment in the East African Country.
In a Press Statement, the Office of the President of Ethiopia, said Zewde had commended the already substantial Chinese Investment in her Country, and said Ethiopia is keen to attract even more Chinese Investment.
The Statement was made during a meeting Zewde had in the National Palace in Addis Ababa with a visiting Chinese business delegation.
“Chinese Investors have already made substantial investment in Ethiopia. Those Chinese investors that have already made investment in Ethiopia are also expressing their desire to increase their investment in Ethiopia”.
“The Ethiopian government is working to create a conducive environment for foreign investment and I personally will support foreign investment including Chinese investment to Ethiopia in any way I can,” said the statement from the Office of the President of Ethiopia.
Speaking recently, Mekonen Hailu, Public Relations Director at Ethiopia Investment Commission (EIC), said Ethiopia has attracted 700 million U.S. dollars in Foreign Direct Investment (FDI) in the first three months of the Ethiopian Fiscal Year 2019/2020, which started on July 8, with most of the FDI inflow to the East African Country coming from Chinese Firms.
“Chinese firms in Ethiopia are predominantly investing in the manufacturing sector followed by the service sector and the agricultural sector.”
“We’ve noticed Chinese Firms are Committed to long term Investment in Ethiopia, unaffected by occasional instability in the East African Country. They also invest in sectors being keenly promoted by the Ethiopian government,” Hailu told.
China is also supporting Ethiopia’s infrastructure drive including having built and financed the multi billion U.S. dollars 756 km Ethiopia-Djibouti electrified rail line, and the 85 km Addis Ababa-Adama toll expressway, which are crucial to meet the infrastructure needs of landlocked Ethiopia.
Ethiopia is also a Key Partner in the Belt & Road Initiative, which aims to connect China to the rest of the world through a network of infrastructure.