Addis Ababa, October 17, 2023 (FBC) – Ethiopian Investment Commission (EIC) signed a Memorandum of Understanding with pharmaceutical (2) and agro-processing (1) enterprises from China, the Chief Commissioner of EIC, Lelise Neme, confirmed in a post published on her social media page.
Three of the firms that inked the MoU are all set to invest in Ethiopia, according to the Chief Commisssioner.
The Memorandum of Understanding was signed at the Ethiopia-China Investment Forum Series–Bejing Episode II, which is being held in the Chinese capital. The business forum is being attended by more than 300 potential investors where the Minister of Finance of Ethiopia, Mr. Ahmed Shide, and EIC Chief Commissioner, Ms. Lelise Neme, have delivered keynote speeches.
The event is deliberating on investment potentials of Ethiopia in the mining and other priority sectors.
The forum, marked by the MoU signing, is said to be a major boost for the burgeoning economy of Ethiopia.
Recall that Ethiopia and China announced Tuesday the elevation of their bilateral ties Comprehensive and Enduring Strategic Cooperative Partnership level to an All Weather Strategic Cooperation Partnership level, according to the joint statement issued by the leaders of the two countries.
The statement was disclosed following the bilateral discussion between Prime Minister Abiy Ahmed (PhD) and President Xi Jinping on Tuesday morning at the Great Hall of the People, Beijing, together with their respective delegations.
During the bilateral meeting, Prime Minister Abiy Ahmed indicated the importance of Chinese investments in Ethiopia’s economy and encouraged more investments into the five key pillars of agriculture, manufacturing, ICT, mining and Tourism.
China continues to be a critical partner for Ethiopia, he emphasized while expressing his gratitude to President Xi Jinping for the warm welcome and the fruitful discussion.
For his part, President Xi congratulated Prime Minister Abiy on Ethiopia’s accession to BRICS and announced the elevation of partnership between the two countries from Comprehensive and Enduring Strategic Cooperative Partnership level to an All-Weather Strategic Cooperation Partnership level.
He further commended Ethiopia’s achievements through the Green Legacy program, citing its alignment with China’s green development policy. He affirmed that it will be an integral part of a green belt and road program, according to the Office of the Prime Minister.
Several Ministers and heads of government institutions are also said to be part of Prime Minister Abiy’s high-level delegation that travelled to China.