Chinese Prominent Steel Industry Firm to Explore Investment possibilities in Ethiopia

Addis Ababa, October 31/2020(ENA) The Chinese prominent Steel industry, firm, Chongqing Iron and Steel Design Institute (CISDI Group Co., Ltd.), expressed interest to look into the possibility of investment in Ethiopia on Iron and Steel sector. 

Consul General of Ethiopia to China, Anteneh Tariku, held discussion with Vice President of CISDI Group,  Dr. Zhang Yong, in Chongqing, China.

On the occasion, Anteneh briefed the Vice President about Ethiopian current steel production capacity and the potential of iron ore resources, according to Ministry of Foreign Affairs.

Both sides would reap a mutual benefit through coupling Ethiopian natural resources with the company’s technology and know-how, the Consul General added.

The government of Ethiopia encourages companies like CISDI Group, considering the potential of the construction sector in advancing the country's economy, he said.

Dr. Zhang Young on his part stated CISDI Group is looking for possibilities to invest outside of China, confident of its abundant experience, technology, and know-how in the field.

General Manager of CISDI Group, Liu Yong, noted he had traveled to Ethiopia two years ago and observed the immense potential of the country in the sector.

Anteneh has also called upon the company to look into the possibility of investment in Ethiopia on Iron and steel projects and real estate development projects, for which the CISDI leaders replied positively.

CISDI Group is one of the core subsidiaries of Metallurgical Corporation of China (MCC) under China Minmetals and has opened more than 20 subsidiaries and branches across the globe.

The Group has been the backbone of the Chinese economy for over 61 years being at the forefront of China's steel modernization.