reply Ethiopia is looking to attract more foreign investment as mining exports rise

Ethiopia is one of the fastest growing economies in Africa. Over the past 20 years, GDP growth has averaged 11%. At present, there are nearly 2,000 Chinese enterprises investing in Ethiopia. In order to further guide Chinese enterprises under the epidemic to strengthen investment and cooperation in Africa, the Ethiopian Embassy in China and China International Mining Association jointly held a promotion conference on mining investment in Ethiopia on March 10.At the meeting, Tesome Toga, Ambassador Extraordinary and Plenipotentiary of the Ethiopian Embassy in China, said that Ethiopia has rich natural resources, including metals such as iron, magnetite, lithium and platinum, precious stones such as opal, sapphire and emerald, as well as oil, natural gas and coal. However, in addition to a certain scale of exploration in energy sources such as gold, tantalum and petroleum, there are still abundant minerals that have not been developed.Ambassador Teshume Toga noted that Ethiopia's economic reform programme and 10-year plan are aimed at exploiting the potential of the mining sector through regulatory reforms and creating a more favourable environment for investors in the sector. The economic reform plan puts five sectors at the heart of the country's efforts to increase economic productivity and create jobs, including mining, agriculture, manufacturing, innovative industries and tourism.The economic reform programme further proposes a series of pragmatic interventions for the mining sector, as well as for agriculture and manufacturing, in order to modernize the licensing system at the federal and regional levels, while reforming the legal framework and improving sectoral functions. In addition, the programme strengthens Ethiopia's geological cooperation and partnerships with donors to promote sustainable development, while seeking to formalize artisanal and small-scale mining in the country.Peter Arkell, president of the China International Mining Association, said Chinese companies have been mining gold in Ethiopia for years, and the government has granted mining licenses that are valid for seven years and can be extended. There are 9 billion tonnes of potash deposits in the North-East, where the government is building up infrastructure, making it a worthwhile investment.Teshome Toga says Ethiopia has attracted $1.6 billion in foreign direct investment in the past six months, particularly in the mining sector. Gold was Ethiopia's top export with revenues of $335.54 million. To maintain this momentum, we need to continue to introduce foreign investment, and we hope that Chinese enterprises can seize this opportunity.The minister of the Ethiopian embassy in China said that Ethiopia is a strong supporter and implementer of the China-Africa cooperation forum and the One Belt And One Road initiative, and the Ethiopian government is strengthening the opening up of foreign trade to better attract foreign investment, and Chinese enterprises are the ideal group for cooperation.