Ethiopia and China have signed a Memorandum of Understanding (MoU) on investment promotion and facilitation which will serve as a new cooperation mechanism for investment, according to Ministry of Foreign Affairs.
The MoU was an outcome of the joint Investment and Trade Cooperation Forum both sides held in Addis Ababa today.
Aside from the MoU signed between the two governments, Ethiopian and Chinese partners inked five other cooperation agreements in the manufacturing, agriculture, pharmaceutical, and other sectors, it was learned.
Deputy Prime Minister and Foreign Minister, Demeke Mekonnen said on the occasion that China has proven to be Ethiopia’s most trusted economic and political partner and its support continues to sustain the country’s economic growth trajectory.
He noted that Ethiopia’s institutional, technical, and financial capacities remain limited, resulting in lower national achievement in comparison to the country’s investment opportunities and potential, despite substantial progress in attracting and expanding investments.
“Today’s agreement is essential in directing our attention to the creation of new partnership and the providing of strategic and coordinated direction to our common investment challenges,” Demeke underlined.
China’s Commerce Vice-Minister, Qian Keming stated on his part the need for implementing the nine programs stated under the China-Africa Cooperation.
Furthermore, he explained China’s outlook for peace and development in the Horn of Africa and mentioned development plans that called for cooperation such as the Belt and Road initiative, the China-Africa cooperation vision 2035, and Ethiopia’s Home-grown Economic reform.
It is to be noted that the recent years have seen closer bilateral relations between China and Ethiopia with trade and investment cooperation furnishing a solid foundation for the longstanding friendship between the two countries.