Ethiopia's exports to China rise by 8% in 2021 over 2020 figure

16 May '22

1 min read

Pic: Shutterstock

Ethiopia's export to China witnessed a steady growth amid booming bilateral trade and investment cooperation, according to Chinese ambassador to the country Zhao Zhiyuan, who recently said Ethiopia's exports to China increased by 8 per cent in 2021 compared with 2020 as new foreign direct investment (FDI) from Chinese companies grew by 346 per cent.

The value of newly signed contract projects by Chinese companies in Ethiopia was up by 25 per cent in 2021, Zhao said.

Zhao made the remarks during the China-Ethiopia Investment and Trade Cooperation Forum co-hosted by the Chinese Embassy in Ethiopia, the Ethiopian Investment Commission (EIC) and the Investment Promotion Agency of the Ministry of Commerce of China in Addis Ababa.

Chinese FDI in Ethiopia and other main indicators of bilateral commercial cooperation have maintained sound momentum during the first quarter of 2022, he was quoted as saying by a news agency.

Zhao said for consecutive years, China has been Ethiopia's biggest trading partner, the top source of FDI and the largest project contractor, as the two countries deepen cooperation through the Belt and Road Initiative.

Fibre2Fashion News Desk (DS)

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