Ethiopia signs MoUs with 4 Chinese companies, $2bn to be invested in bamboo processing

Two China-based companies have signed agreement with the government of Ethiopia to pump out a gigantic amount of USD 2 billion in processing the East African country’s bamboo and produce paper products for both local and international markets.

The Ethiopian Investment Commission signed Memorandum of Understanding with four Chinese companies on the margins of the Belt and Road Forum in China’s capital, Beijing. The four companies are Green Diamond, CGCOC Group, Taison Group and Zhende Medical Products Manufacturing. The four companies have contemplated to investing in Ethiopia.

Taison Group and Green Diamond will establish a large-scale bamboo pulp-paper manufacturing in Assosa, Benishangul Gumuz regional state with a capacity to manufacture 1 million tons pulp paper every year. Amity Printing will set up a printing factory in Ethiopia, CGCOC Group establishes a fully integrated livestock and meat processing plant with an annual slaughtering capacity of 300,000 cattle and 3 million sheep in Awash, Fentale, as reported by 2Merkato.com.

The remaining Chinese foreign direct investment to Ethiopia announced this week include, another Chinese company, CGOC, which has agreed to open processing of cattle and sheep meat in Awash Febntale area of Ethiopia investing USD 215 million. While another medical equipments manufacturing company has also agreed to come to Ethiopia investing USD 75 million in a manufacturing plant in Kilinto Industrial Park in Addis Ababa. Another company is also interested to invest in Ethiopia’s printing industry, Business in Ethiopia noted.

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