President Reaffirms Ethiopia's Commitment to Chinese Investment

Addis Ababa August 13/2018 President Mulatu Teshome said Ethiopia is committed to assist the engagement of Chinese investors in the country’s industrial development. The president visited today the Eastern Industrial Zone that shelters six factories, including Sansheng Pharmaceutical, East Steel and Huajia Aluminum as well as  tissue and shoes factories in the on the outskirts of Addis Ababa. Mulatu, who noted that the interest and engagement of Chinese companies in Ethiopian industrial sector is growing, said the country is always ready to facilitate the investment environment for the Chinese companies. More Chinese companies are expressing interest to invest in Ethiopia as the country has resources and market, President Mulatu stated. According to him, Chinese investment in the industrial sector has initiated fast economic growth and enabled Ethiopia to bring about economic change through high tech manufacturing industries. Speaking about the Eastern Industrial Zone, the president appreciated the performance of the industries which have been effectively manufacturing various products. The Eastern Industrial Zone as part of the Chinese based Jiangsu Yongyuan Investment Co. Ltd has attained full capacity. There is, however, a growing demand for more land from investors and the government of Ethiopia will respond to this as soon as possible, Mulatu stated. Chinese Ambassador to Ethiopia, Tan Jian said on the occasion China has considered Ethiopia as a model for China-Africa cooperation in which the two countries have been enjoying all-round mutual relationships. Jian added: "I believe Ethiopia is a very important Africa country; it is the largest economy with a huge population. Therefore, we want to build our relationship with Ethiopia as a model for other African countries." China will consolidate its economic cooperation and support Ethiopia to implement the Growth and Transformation Plan that helps it to become a middle income country, Ambassador Jian pointed out. Eastern Industrial Zone consists of 86 different industries and has created 15,000 jobs.