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20.10.24 10:30

Economy

Chinese investors boost Ethiopia's economic development with over US$8.5 billion in investment

Ethiopia recorded a 14 per cent increase in foreign direct investment during the 2023/2024 fiscal year

Chinese investors have significantly contributed to Ethiopia's economic growth, injecting over US$8.5 billion into the country and creating thousands of jobs, according to the Ethiopian Investment Commission (EIC).

The EIC reports that 3,309 Chinese-led projects have played a key role in supporting Ethiopia's socio-economic development goals, enhancing both its infrastructure and industry sectors, reports Xinhua News Agency, a partner of TV BRICS.

These projects have created more than 325,400 permanent and temporary jobs for Ethiopians in recent years, greatly benefiting the local workforce.

Ethiopia also recorded a 14 per cent increase in foreign direct investment during the 2023/2024 fiscal year, securing US$3.9 billion. The EIC credits this growth to increased Chinese involvement, as the nation continues to attract foreign capital for its economic expansion.

Photo: iStock

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"This roadmap sets the framework for our joint efforts. Indonesia and Belarus have great potential for expanding cooperation in various fields. Our cooperation will focus on industrial development and agricultural modernisation. In industry, we see a major opportunity to increase trade volumes, investment, and cooperation between our two countries. We are also pushing for closer collaboration in culture and human resource development"

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"We also encourage countries of the Global South to work together and contribute to the global economy. We also call on developed countries to set aside issues such as national security and strategic competition when we are discussing real global challenges – pressing issues such as public health or poverty reduction – so that development resources can be channelled truly effectively to those countries that need them. [...] Major powers and large countries must bear greater responsibility for the well-being of people around the world. This is the responsibility of the major powers"

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Prime Minister of Thailand

"Russia has been a trusted friend of Thailand for over a century. […] Next year, we will mark the 130th anniversary of the establishment of diplomatic relations between our countries. We will commemorate this important milestone with high-level exchanges, thereby reaffirming our shared commitment to an even stronger partnership for the benefit of our peoples"

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