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A business delegation of the Chinese Guangdong Province visited Ethiopia last week.
They met with the Ethiopian business community and plan to invest primarily in industry. Currently Chinese investment is the biggest foreign direct investment in the country. Ambassador Birhane Gebrechristos, Minister of State in the Foreign Ministry, who met with the delegation, noted that Ethiopia had huge potential, great opportunities and a suitable climate for investment.
The Addis Ababa Chamber of Commerce and Sectoral Association signed a memorandum of understanding with the Chinese business delegation after discussions at Hilton Hotel on Tuesday September 4.
Ethiopian Chamber of Commerce and Sectoral Association members, Seyum Mesfin, Ethiopian Ambassador to China, and other high level government and company officials participated. Trade exchange between the two countries has increased to USD 1.7 billion in 2011 from nearly USD 353 million in 2004. In this regard, Ethiopia’s export to China has registered over USD 280 million in 2011 from nearly USD 15 million in 2004 and imports have reached over USD 1.4 billion in 2011 from USD 338 million in 2004.
Chinese investment in Ethiopia is showing significant growth. Between 1998 and 2012 Chinese investors received licenses for 938 projects with a registered capital of over USD 2.4 billion. Most of the projects are in manufacturing sector followed by real estate, machinery and equipment rental and consultancy services.