Ethiopia signs $13 billion worth of new investment deals

Ethiopia has secured investment deals valued at $13 billion following a conference aimed at attracting capital into several strategic economic sectors. The Ethiopia Investment Commission (EIC) stated that the agreements, signed in Addis Ababa, include projects in manufacturing, agriculture, energy, and construction. This initiative is part of a broader effort to boost foreign direct investment and create jobs for the nation's growing population. The scale of these deals highlights a significant push in the region, as neighboring Kenya recently concluded a similar drive with deals worth $2.9 billion. A substantial portion of the new commitments involves companies from China. The Liaoning Fangda Group plans to invest over $500 million in steel and pharmaceutical plants, while Ming Yang Smart Energy Group Limited accounted for the largest share with projects exceeding $10 billion in renewable energy, hydrogen, and green ammonia infrastructure. Additionally, SUN KING TECHNOLOGY GROUP LT has committed to a $150 million project to install off-grid solar systems for homes and businesses over the next five years. These investments coincide with Ethiopia's ongoing economic reforms, which include currency liberalization and the opening of the financial services sector to foreign investors.