Chinese invest over 12.9 bln Birr in Ethiopia's industry sector alone

Addis Ababa, November 20, 2010 (ENA) -Chinese investors have engaged in industry sector in Ethiopia with over 12.9 billion Birr making use of existing sound investment policy put in place in the country.

Corporate service director with the Ministry of Industry, Melaku Taye told ENA on Saturday that the investors have created more than 76,000 permanent and temporary jobs for Ethiopians.

Melaku said the investors are engaged in processing of agricultural products, chemical and chemical products, pharmaceuticals, leather and leather products, textile and garment, cement and glass manufacturing.

The number of investors engaged in the industry sector has been increasing from time to time, he said, adding, the investors are contributing share towards development of the sector.

Eight cement factories worth 3.1 billion Birr have been constructed in different parts of the country by Chinese investors alone during the past couple of years.

Five of the factories have already entered production phase. The remaining three are expected to go operational in the current Ethiopian year.

He said replacement of imported products by local ones enables to increase the amount of foreign currency earned by the country.

The country registered successive and rapid economic growth during the past seven years through its agriculture led industry policy, he said.

Upon going fully operational the factories will have capacity to produce 3.5 million tons cement annually.

Chinese investors with 11 billion Birr combined capital have received investment licenses, he said, adding, some 1.5 billion Birr worth of the stated projects have already created jobs for 14,000 citizens.

He said the Chinese government has been providing support to Ethiopia in its efforts to become competitive in the industry sector.

China will contribute significant share towards success of the five-year Growth and Transformation Plan, he said.

A cement factory constructed with 432 million Birr in Sululta Town of Oromia State by Chinese investors will be inaugurated next Wednesday.

The factory has created jobs for more than 500 citizens.