China and Ethiopia on Thursday signed a memorandum of understanding with the aim to promote and facilitate investment, which is expected to enhance economic cooperation between the two countries in the area of investment.
It was signed during a joint Investment and Trade Cooperation Forum that was organised in the Ethiopian capital, Addis Ababa.
China’s investment in Ethiopia has been mainly limited to infrastructure development, construction, and manufacturing sector – primarily textile manufacturing.
Under the new memorandum of understanding signed today, China could also invest in Ethiopia in the areas of Agriculture, Health, pharmaceuticals, and Industry sectors as well.
Demeke Mekonnen, Deputy Prime Minister and Foreign Affairs Minister, attended the signing ceremony. ENA, state media, cited him as saying ” Ethiopia is more attractive for foreign investment after ‘homegrown economic reform’.”
Qian Keming, China’s Commerce Vice-Minister, who also attended the event, remarked about the “need for implementing the nine programs stated under the China-Africa Cooperation.”
He also recalled that Ethiopia and China have strong political and economic relations, and expressed that the new agreement will further enhance the cooperation between the two countries.
China, along with Russia, voiced support at the United Nations Security Council and the United States and other European countries were pushing for a sanction regime against Ethiopia in connection with the war in the Tigray region of Ethiopia.
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