Ethiopia seeks to lure more Chinese investment

Ethiopian officials have called for more Chinese investments in different sectors in the East African nation on occasion of the three-day visit from 12 to 14 May of a Chinese delegation to Ethiopia from the Council for Promoting South-South Cooperation (CPSSC).

The Chinese delegation of CPSSC on Tuesday met with the Ethiopian President and the business community in separate sessions and held discussions on investment opportunities and business environment in Ethiopia.

Meeting with the CPSSC delegation at the National Palace in Addis Ababa, President Mulatu Teshome of Ethiopia hailed China's investment in his country, which he said has contributed to the economic growth of the country.

The president expressed Ethiopia's keen interest to have more Chinese investments in different sectors towards mutual benefits.

Speaking during the meeting, Tadesse Haile, Ethiopian State Minister of Industry, called on the Chinese delegation to increase investments in the country.

The State Minister assured the Chinese delegation that the necessary assistance and support would be provided by the Ethiopian side.

Manufacturing is now the center of investment opportunities in the country in areas including among others, textiles and garment, leather and leather products, shoes production, food processing, and agro-processing, according to the officials of Ethiopia.

Speaking on the occasion, Gashaw Debebe, Secretary General of the Ethiopian Chamber of Commerce and Sectoral Association (ECCSA), noted that Chinese investment in Ethiopia is showing significant expansion in both quality and quantity.

The Chinese investments have contributed to significant job creation as well as to technology and knowledge transfer in Ethiopia, added the Secretary General.

Gashaw also stated that Ethiopia has untapped and immense investment opportunities in agriculture, livestock, agro- processing, manufacturing, construction, real estate and tourism among others.

"If used skillfully, this, I believe, would be to the interest and benefit of our two countries," he said.

Stating various trade and investment incentives in the country, the Secretary General further said that Ethiopia enjoys duty free markets access from various parts and countries of the world.

"Not only that the country is an active member of the COMESA that provides access to 19 countries having a population of over 420 million, Ethiopia is also in the process to join the World Trade Organization (WTO). These, I believe, would attract a number of Chinese investors to come and invest in Ethiopia," he said.

The delegation was led by Lv Xinhua, Chairman of the Council for Promoting South-South Cooperation which was established last year with a prime objective of encouraging Chinese companies to invest overseas within the South-South cooperation.

The Council consists of individual members, retired diplomats as well as the business members who are willing to invest in African countries. Endi