Two Chinese companies have concluded a deal with Ethiopian government to invest a total of $2 billion to process Ethiopia’s bamboo and produce paper products for both local and export market. Speaking to the state broadcaster, ETV, Mr. Abebe noted that will also enable Ethiopia to cut hard currency spending to import paper products. Reports show that Ethiopia, which spends hundreds of millions of dollars importing many kinds of bamboo products including furniture and toothpicks, has over a million hectares of its land covered with bamboo forest. 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 $215 million. ETV report also stated that another Chinese company has also agreed to invest in printing industry in Ethiopia.

Source: News Business Ethiopia April 30, 2019 15:45 UTC