Latest Deal with Chinese Companies will Massively Boost Ethiopia`s Investment: Commission

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Addis Ababa April 29/2019 The latest, close to 4 billion USD agreements between Ethiopia and the Chinese giant companies will further boost the country’s investment, according to Ethiopian Investment Commission (EIC).

The agreements include the 1.8 billion USD with the State Grid Corporation of China, which mainly targeted for providing of power generation of 16 industry parks including the Addis-Djibouti railway.

Tyson Group and Green Diamond Companies in collaboration will engage in pulp and paper production in Benshangul Gumuz Regional State to produce up to 1 million ton paper per annum.

The two companies will invest some 2 billion USD during their actual operation and also expected to play their crucial role in boosting the FDI, it was indicated.

EIC Commissioner, Abebe Abebayeyu, told the media today that the stated and other agreements signed in the sidelines of the Belt and Road Forum, which was held in Beijing, will massively boost investments in Ethiopia.

Last year’s total foreign direct investment (FDI) amount was 3.7 billion USD but the recent agreement alone is close to 4 billion USD. So, the forum was productive and crucial for the country`s FDI, he underscored.

China has just concluded its second Belt and Road Forum, attended by delegates from over 150 countries including Prime Minister Abiy Ahmed. Trillions of dollars expected China to spend on projects in the Belt and Road Initiative.