Ethiopian Embassy Calls for Increased Chinese Investment in Health, Pharmaceutical Sector

May 31, 2022 (ENA) The Ethiopian Embassy in China has called for increased Chinese investment in health and pharmaceutical sector in Ethiopia.

The embassy in Beijing organized a forum promoting trade and investment in the medical, health, and pharmaceutical sector, in collaboration with Beijing Beimao Jingyuan Health Consulting Company, today.

According to Ministry of Foreign Affairs, over 40 companies in the sector, representatives from the Ethiopian Ministry of Health, Ethiopian Investment Commission, and partner institutions attended the virtually and physically held forum.

In his opening remarks, Ethiopia's Ambassador China  Teshome Toga noted the importance of the health investment forum at this critical time.

Despite the effects of Covid-19 on the global economy, "FDI in Ethiopia registered growth by 18.33 % in the past nine months when compared to the same period last year," he said, adding that the growth showed increment from 2.05 billion USD in 2021 to 2.43 billion USD in 2022

The fact that 2/3rd of all the Chinese firms in Ethiopia are engaged in the manufacturing sector is a testimony of the enduring confidence of investors in the Ethiopian market and potential, the ambassador underlined.

"The health and medical sector in Ethiopia is the priority of the Government of Ethiopia as laid out in its 10-year development plan that aims to increase its local production capacity," he further pointed out.

Foreign Affairs Director-General of the Middle East, Asia, and Pacific Affairs, Ambassador Gebeyehu Ganga on his part briefed the strategic Sino-Ethiopian ties and the bilateral trade and investment between the two countries.

Infrastructure development, investment, and bilateral trade cooperation have been growing since the two countries have started diplomatic relationships 50 years ago.

Mentioning the vast potential in the medical, health, and pharmaceutical sector, Ambassador Gebeyehu stated that local production only covers 5% of the demand from the sector, which gives investors a wide opportunity to engage in the sector.

He reiterated the enabling environment created in Ethiopia for foreign investors and re-assured the government's commitment to helping Chinese investors, given the strategic partnership and cooperation between Ethiopia and China.

Beijing Beimao Jingyuan Health Consulting Inc. CEO, Shi Lili remarked that Ethiopia provides a huge potential for partnership, including in the health and medical services.

Mentioning the long-standing friendship and the increasing volume of trade between the countries, she noted that China has become Ethiopia's largest trade partner.

Shi Lili also recalled the joint trade and investment cooperation agreements signed between the two countries, including the Belt and Road initiative, as an opportunity to expand trade and investment ties.