Ethiopia’s capital Addis Ababa is set to host a high-level Africa-China Business Forum on Nov. 27 as hundreds of Chinese companies are expected to take part at the meeting creating ties with their Ethiopian and African counterparts.
The Ethiopian Chamber of Commerce and Sectoral Association, co-organizing the high-level business meeting next week in partnership with China International Exhibition Center (CIEC), said on Saturday that the gathering is aimed at promoting trade and investment for mutual growth through strengthened partnership.
According to the association, hundreds of Chinese companies that are engaged in 29 different sectors are expected to take part at the meeting in a bid to create partnership and joint-venture with their Ethiopian as well as African counterparts.
Chinese companies engaged in the manufacturing of building materials, engineering logistics, machinery, energy equipment, agricultural and food processing products, environmental protection, trucks and auto parts, hotel management, household materials, as well as nuclear power and nuclear technology applications are said to be among the participants of the high-level gathering.
Amid the Ethiopian government’s aspirations to attract foreign investors in line with the East African country’s plan to be the manufacturing hub of Africa by 2025, the engagement from Chinese companies in Ethiopia’s investment landscape has been also augmenting over the years.
The East African country had licensed more than 1,290 Chinese investment projects during the previous 2017-18 Ethiopian fiscal year that ended on July 8, according to figures from the Ethiopia Investment Commission (EIC).
Mekonen Hailu, Communications Director at EIC, told Xinhua recently that the Chinese investment projects make up about 24.8 percent of the total investment licenses the commission provides during the fiscal year.
“Chinese investment and capital comprise the largest investment inflow to Ethiopia, with Chinese investors engaged in various sectors ranging from agriculture, manufacturing and services sectors including hospitality and tourism fields.” Hailu told Xinhua.
On Friday, China’s Zhejiang province launched its liaison office with an aim to promote and explore trade and investment opportunities in the country.
The liaison office was jointly launched by the Chinese Council for the Promotion of International Trade Zhejiang Provincial Committee (CCPIT Zhejiang) and China Chamber of International Commerce Zhejiang Chamber of Commerce (CCOIC).
Speaking at the launching ceremony, Ethiopian State Minister of Foreign Affairs Aklilu Hailemichael said that “the trade and investment relations between our two countries have been growing over the years.”
“Chinese companies have significantly invested in Ethiopia during the last two decades creating job opportunities for a large number of Ethiopians,” Hailemichael said.
“My country also expects even more through the Belt and Road initiative that China launched with a focus on economic cooperation and connectivity among nations,” he added.