About 70 Chinese enterprises have so far received licenses to
invest in Ethiopia thanks to the country's efforts to attract
Chinese investments, Ethiopia's Investment Commission said
Monday.
The commission said in a press release that 18 of the
enterprises, engaged in pharmaceuticals, infrastructure, iron,
restaurant and other manufacturing sectors, had already entered
into production phase.
Some 17 licensed enterprises involved in service provision,
electricity, textile, mines and other relevant sectors, were in the
construction phase, it said.
According to the commission, the remaining entrepreneurs were
undertaking research that would enable them to engage in various
investment sectors.
The Chinese government was providing various incentives to
Chinese entrepreneurs to invest in African countries, it said.
An agreement had been signed between Ethiopia and China in 1998
to foster investment relations between the two countries.
The commission said Ethiopia would benefit a lot from Chinese
investment when Ethiopian entrepreneurs work in partnership with
their Chinese counterparts.
Such partnership would be highly important as Chinese technology
is suitable to Ethiopia and generates employment for thousands of
people, it said.
The commission said it was carrying out various promotion and
recruitment activities to attract Chinese entrepreneurs.
Last year Ethiopia secured some US$5 million from hides and
skin, tantalum, natural gum and coffee exported to China. And
imports from China had shown a marked growth amounting to US$257
million.
Export items, particularly leather and leather products, coffee,
sesame, natural gum, marble, and textiles, were believed to widen
Ethiopia's market in China by taking advantage of tax-free
opportunity China provided to 25 African countries including
Ethiopia.
Various measures were being taken to bolster their relations in
the tourism sector as well, the commission said.
(Xinhua News Agency May 3, 2005)