Ethiopia and China Establish Investment and Economic Cooperation Joint Working Group

On 21 February 2023, Ethiopia and China signed a Memorandum of Understanding to establish a Joint Working Group (JWG) to boost investment and economic cooperation.

Mr Ahmed Shide, Minister of Finance of Ethiopia, and Mr Li Fei, Deputy Minister of Commerce of China signed the document in Beijing. Minister Shide is leading a high-level delegation to China for an official visit with a view to promote trade and investment between the two countries.

During the signing ceremony, Minister Shide highlighted that China is the top trade and investment partner of Ethiopia. Chinese enterprises have invested significantly in Ethiopia in diverse sectors including SEZ, automobile, textile, shoes, to name a few.

On the trade side, the new preferential trade policy means that 98% of Ethiopia goods will enjoy zero-tariff treatment when entering the Chinese market as from the 1st of March 2023.

On the other side, the Deputy Minister Li underscored that the JWG reflects the commitment of China at the last FOCAC Summit where the Nine Programs was put forward.