Ethiopia has secured $13 billion worth of investment deals, the state investment commission said, after a conference aimed at attracting capital into a range of economic sectors.
Like other frontier economies in Africa, the East African nation has been seeking to boost foreign direct investment, particularly in manufacturing, to create jobs for its growing population. Neighbouring Kenya held a similar drive last week, announcing deals worth $2.9 billion.
The deals signed by Ethiopia at the conference in Addis Ababa, which ended on Friday, span “manufacturing, agriculture and agro-processing, energy, construction, and other strategic sectors,” the Ethiopia Investment Commission (EIC) said in a statement seen by Reuters on Sunday.
They include a $150 million project by Sun King to install off-grid solar systems for homes and businesses over the next five years, the EIC said. China’s Liaoning Fangda Group will invest more than $500 million in steel and pharmaceutical manufacturing plants.
Ming Yang Smart Energy Group Limited, a Chinese energy firm, accounted for the largest share of commitments, with projects to develop infrastructure in renewable energy, hydrogen, and green ammonia, requiring investments of more than $10 billion, the EIC said.
