Ethiopia invites Chinese steel companies to explore investment opportunities

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ADDIS ABABA, ETHIOPIA - NOVEMBER 17: Chinese construction workers build the new African Union Buildings on November 17, 2010 in Addis Ababa, Ethiopia. The building is built for free. Chinese companies are investing and working all over Africa and in Ethiopia they are mainly occupied with infrastructure projects around the country. Photo by: Per-Anders Pettersson
ADDIS ABABA, ETHIOPIA – NOVEMBER 17: Chinese construction workers build the new African Union Buildings on November 17, 2010 in Addis Ababa, Ethiopia. The building is built for free. Chinese companies are investing and working all over Africa and in Ethiopia they are mainly occupied with infrastructure projects around the country. Photo by: Per-Anders Pettersson

The Ethiopian government has invited Chinese steel companies to explore investment opportunities, amid the East African country’s booming construction sector.

This came as Ethiopia’s Consul General in Chongqing, China, Anteneh Tariku, held “a fruitful discussion” with Zhang Yong, Vice President of Chongqing Iron and Steel Design Institute (CISDI Group) in Chongqing, the Ethiopian Ministry of Foreign Affairs said in a statement issued over the weekend.

Ethiopia’s Consul General, who briefed the Chinese side about Ethiopia’s current steel production capacity and the potential of iron ore resources, stressed that “both sides would reap a mutual benefit through coupling Ethiopian natural resources with the company’s technology and know-how,” according to the ministry.

“The government of Ethiopia encourages companies like CISDI Group, considering the potential of the construction sector in advancing the country’s economy,” Tariku added.

Zhang Young, on his part, indicated that the CISDI Group “is looking for possibilities to invest outside of China, confident of its abundant experience, technology, and know-how in the field,” the statement from the Ethiopian Ministry of Foreign Affairs quoted Zhang as saying.

Anteneh has also called upon the company to look into the possibility of investing in Ethiopia’s iron and steel projects and real estate development projects, for which the CISDI leaders replied positively.

According to the Ethiopian Investment Commission (EIC), Chinese companies, with close to 1,564 projects that were either operational or under implementation during the past two decades, are the top players in Ethiopia’s investment landscape both in terms of the number of projects and the financial capital.

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