[NEWS] – The Jiangsu Province of People’s Republic of China has agreed to assist efforts of promoting investment activities in Ethiopia.
The province along with two Chinese companies – Jiangsu AB Group Corporation Ltd and Jiangsu Zheng Bai Electric – concluded a Memorandum of Understanding (MoU) with the Ethiopian Investment Commission to help lure more Jiangsu based investors to Ethiopia.
The agreement between Jiangsu province and Ethiopia facilitates the exchange of valuable experiences that assist the development of industrial parks in Ethiopia.
It was indicated that the agreement paves way for the increased promotion of investment and developing domestic capacity.
The MoU would contribute greatly in gaining experience to develop industrial parks in Ethiopia, according to Fitsum Arega, Ethiopian Investment Commission Commissioner.
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He said the agreement would contribute immensely by attracting more investors from Jiangsu which have already put their mark in Ethiopia by setting up the Eastern Industrial zone.
It would also create opportunity to share experiences to local investors interested to invest in textile and electronics sectors in the country, Fitsum added.
Jiangsu’s investment mainly concentrates in light, textile, construction materials, timber, and mineral resources sectors, targeting countries such as Nigeria, Ethiopia and Tanzania.
Reports put Jiangsu as home to many of the world’s leading exporters of electronic equipment, chemicals and textiles. [ENA]