Ethiopia welcomes Chinese FDI in pharmaceutical sector: official

Source: Xinhua| 2019-05-29 23:36:24|Editor: Mu Xuequan
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ADDIS ABABA, May 29 (Xinhua) -- Ethiopia is seeking to attract more Foreign Direct Investment (FDI) from Chinese firms engaged in the pharmaceutical sector, an Ethiopian official said on Wednesday.

Dewano Kedir, Head of economic affairs desk at Ethiopia Ministry of Foreign Affairs (MoFA), said Ethiopia is willing to help Chinese firms to engage either in joint venture or full-scale investment in pharmaceutical sector in the country, reported local media outlet

Kedir pledged to assist prospective Chinese firms to overcome any hurdles they may encounter during their activities to invest in the Ethiopian pharmaceutical sector.

Kedir was speaking in the Ethiopian capital Addis Ababa while holding discussions with around 40 companies that came from the central Chinese province of Henan.

"Ethiopia's 100 million strong population needs to get a reliable supply of medical products. Chinese firms can help Ethiopia's fledgling pharmaceutical sector by investing in the sector as well as contributing generally to Ethiopia's export-driven industrialization program" further said Kedir.

On Monday, the Ethiopia Investment Commission (EIC) disclosed that Ethiopia's Chinese-built Kilinto Industrial Park (KIP) has boosted the country's ambition to lure experienced international pharmaceutical companies across the globe.

EIC revealed it has signed investment agreements with 10 international companies that have "shown great interest" to set up their industrial plants inside the premises of KIP.

According to the Ethiopian government, the Kilinto Industrial Park is on the verge of completion, and once completed it will host more than 1,000 pharmaceutical companies.