Chinese companies are planning to invest more than $1.4 billion into Ethiopia's energy and mining sectors. The agreements were signed during the closing ceremony of an investment forum in Addis Ababa, according to Ethiopia's Ministry of Finance.
Specifically, Hanergy and Jandu will invest $360 million to build a solar panel manufacturing facility, while Sequa Mining and Processing, a joint Ethiopian-Chinese venture, will allocate about $600 million to coal mining development in Ethiopia.
Huawei is also set to invest roughly $500 million in mineral exploration and processing, as well as the establishment of a special economic zone in the country.
Beyond Chinese companies, the Japanese firm Toyo Solar signed an agreement to invest $14 million in expanding solar panel production, and Europe's Sesar announced plans to invest $350 million to boost Ethiopia's local solar energy industry.
Ethiopian Finance Minister Ahmed Shide emphasized the government's ongoing commitment to creating favorable conditions for private sector growth and ensuring the country's economic stability.
"We invite investors to join Ethiopia on this journey of transformation. There has never been a better time to invest in our country. Investment is critical to achieving our shared objectives of resilience, comprehensive prosperity, and sustainable development," the minister said.
Earlier in May, the President of Ethiopia discussed the potential launch of Russian logistics projects in the African nation with the Russian President's Special Representative for International Transport Cooperation.
