Chinese investors vitalize Ethiopia's economic growth: investment commission

ADDIS ABABA, Oct. 12 (Xinhua) -- Chinese investors are playing a crucial role in bolstering Ethiopia's economic development, injecting substantial capital, and creating jobs, according to the Ethiopian Investment Commission (EIC).

In a statement issued late Friday, the EIC revealed that some 3,309 Chinese projects have invested more than 8.5 billion U.S. dollars in Ethiopia over the past years, significantly contributing to the nation's socioeconomic goals.

The EIC highlighted that the growing presence of Chinese investors, both in terms of the number of projects and capital inflow, has brought much-needed vitality to Ethiopia's economic aspirations.

These investments have generated over 325,400 permanent and temporary job opportunities for Ethiopians in recent years, according to the EIC.

Following a high-level visit by the EIC delegation to the Eastern Industrial Zone, located 40 km southeast of the Ethiopian capital Addis Ababa, the commission noted that over 150 companies are operational in the zone, with Chinese investors accounting for over 95 percent of these.

The Eastern Industrial Zone, built by Chinese private investors, is considered a model for Ethiopia's industrial park development, furthering its ambition to become Africa's light manufacturing hub.

According to the EIC, the East African country secured 3.9 billion dollars in foreign direct investment during the 2023/2024 Ethiopia's fiscal year that ended on July 7, marking a 14 percent increase compared to that of the previous year.