The highly-anticipated Ethiopia-China Symposium co-organized by the Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA), Ethiopian Embassy in Beijing, Ethiopian Investment Commission and China Chamber of Commerce for Import and Export of Machinery and for Electronic Products (CCCME) held in Addis Ababa on October 30 aimed at boosting the bilateral relations between the two parties.
The participants from both nations commended the existing strong partnership with shared mutual benefits and implored businesses to work together for a greater future. In his opening remarks, Deputy Commissioner of Ethiopian Investment Commission Anteneh Alemu noted the increasing foreign direct investments from Chinese businesses in the various sectors in Ethiopia.
He urged more Chinese firms to venture into the booming Ethiopian business market to bolster trade relations. He assured the businesses of the government support in ensuring they get the most of their operations and investments in the East African nation. The Parliament is making strides in making a conducive business environment for more investors.
Vice president of China Chamber of Commerce for Import and Export of Machinery and for Electronic Products, Ms. Liu Chun backed-up Anteneh Alemu’s sentiments adding that the East Asian country will persuade more Chinese companies to invest in the Horn of Africa country.
About 400 Chinese investment projects worth $4 billion are in full operation in Ethiopia in major development sectors creating thousands of employment opportunities for the citizens. Being one of the world’s fastest-growing economies, having achieved double-digit gross domestic product growth in recent years, Ethiopia continues to lead the race of East Africa’s investment hub.
In 2016, Ethiopia exported $88 million worth of goods to China, while it imported over $6 billion worth of goods from China. China remains its top importer with U.S and India following in the pecking order. Infrastructure development and investment in Ethiopia have been undertaken by Chinese firms expanding their footprint in the country.