Following a conference to draw capital into various economic sectors, Ethiopia has obtained $13 billion worth of investment deals, according to the official investment commission.
The East African country, like other frontier economies in Africa, has been attempting to increase foreign direct investment, especially in manufacturing, to generate jobs for its expanding population.
Kenya, a neighbor, announced $2.9 billion in transactions during a similar effort last week.
The Ethiopia Investment Commission (EIC) said in a statement on Sunday that the agreements Ethiopia signed at the conference in Addis Ababa, which concluded on Friday, cover “manufacturing, agriculture and agro-processing, energy, construction, and other strategic sectors.”
EIC stated that they include a $150 million project by Sun King to install off-grid solar systems for residences and commercial buildings over the next five years.
More than $500 million will be invested in steel and pharmaceutical manufacturing facilities by China’s Liaoning Fangda Group.
EIC also said that Ming Yang Smart Energy Group Limited, a Chinese energy company, accounted for the majority of promises, with projects requiring investments of over $10 billion to construct infrastructure in hydrogen, green ammonia, and renewable energy.
Since 2024, Ethiopia has been carrying out extensive economic changes, such as opening up important industries like financial services, liberalizing its currency, and removing restrictions on foreign cash.
