Ethiopia and China ink deal to boost investment and economic cooperation

NAIROBI, Kenya - China has inked a new Memorandum of Understanding (MOU) with Ethiopia seeking to establish an investment and economic cooperation working group aimed at jointly boosting bilateral economic and trade relations in strategic fields.

The MOU was co-signed by H.E. Ahmed Shide, Ethiopia’s Minister of Finance, representing the Federal Democratic Republic of Ethiopia, and Li Fei, Assistant Minister of Commerce of the People’s Republic of China on behalf of China’s Government.

Speaking at the signing ceremony H.E. Ahmed Shide highlighted the two countries’ long-standing relationship of more than half a century and indicated China’s significant role in Ethiopia’s economy as its top trade and investment partner.

The Minister added that Chinese enterprises have significantly invested in Ethiopia in diverse sectors, including industrial parks, processing, manufacturing, construction, and so forth.

Mr Li Fei on his side expressed China’s commitment to encouraging Chinese enterprises to increase imports of Ethiopia’s competitive products. He indicated that China’s new preferential policy for zero-tariff treatment on 98 percent of taxable items that Ethiopia will enjoy from 1st March, will lead to tangible benefits from the two countries’ strengthened economic ties.

The two sides discussed common goals of boosting growth, trade, and investment, and indicated that the new Working Group under the signed MoU will help both nations to accomplish their commitment to efficiently implement the development strategies of the “Nine Programs” of the eighth Ministerial Conference of Forum on China-Africa Cooperation (FOCAC) and the Belt and Road initiative.

GAROWE ONLINE