Chinese Minister Counselor Committed to Attracting New Companies, Encouraging Expansion

Addis Ababa, November 17/2023 2023 (ENA) Chinese Economic and Commerce Minister Counselor Yang Yihang said that he is committed to promoting economic opportunities in Ethiopia to Chinese companies and encourage the existing ones to expand their investment.

In an exclusive interview with ENA, the Economic and Commercial Office Minister at the Embassy of China said over 500 Chinese companies are currently engaged in various investment areas, including agriculture, infrastructure, fertilizer, pharmaceutical, and textiles, among others. 

According to him, the recent very successful official visit of Prime Minister Abiy last month  will lift the two countries' relationships to a new level.

And “while Prime Minister Abiy made a visit to China, he told me that 'you are not only the Chinese Minister Counselor but also Ethiopia’s Minister Counselor. And I still remember his guidance,” Yang said.

Therefore, “this year and for the coming years, I should follow His Excellency's guidance, his demand, trying to do our best to promote more Chinese companies to invest in Ethiopia, and we would like to give more confidence to the companies that are already here in Ethiopia to stay here and expand their companies in Ethiopia.’’

He further said that Chinese investors are not only carrying out investment activities but also  contributing to social development by supporting the local communities to improve their livelihood.

“We are also looking forward to join hands with Ethiopian partners to support and promote more new investors to come here and care for the already engaged Chinese companies to make them stay here.’’

Being one of the most populous countries in Africa, Ethiopia has a huge market potential along with its hard workers and smart people, the minister counselor stated.

“We think the Ethiopian market has big potential, as the population ranks number 2 in Africa. The market is huge, and the Ethiopian people are hard workers and smart. Ethiopians have a lot of big advantages for industry.”

Therefore, with these and other preferable conditions, Ethiopia has a big potential to attract Foreign Direct Investment.