China Trade Week to boost investment with African countries

The third edition of the China Trade Week (CTW), a “One Belt, One Road” initiative inspired event will take place in Ethiopia from May 2 to 4 at the Millennium Hall in Addis Ababa.

MIE Groups, the founder of the conference will host the three-day event in collaboration with the Ethiopian Prana Events.

Established in 2013, China Trade Week had its first event in the United Arab Emirates (UAE) which was warmly welcomed by the local business community, it was followed by the first African event in Kenya in 2015 which had an even bigger response. It later debuted in Ethiopia in 2017.

The trade fair seeks to pull over 100 investors and exhibitors from sectors including construction materials and machinery, lighting and energy, clothing and textiles, electrical goods and electronics, automotive parts and accessories, health and beauty, print, packaging and plastic, baby and infant products and food and beverage.

Commenting on the trade fair, Zahoor Ahmed, Director International Events, MIE Groups said, “We look forward to welcoming thousands of professionals to this year’s CTW Ethiopia, at a time when the country is going through significant positive economic and regional changes.”

The Ethiopian Chamber of Commerce & Sectorial Associations Secretary-General, Africa Zeleke added, “The chamber decided to partner with this trade fare as China remains the biggest market for many Ethiopian goods exported.

This includes 70 per cent of our sesame. Also, the majority of our goods are imported from China and we want to narrow the gap of the trade imbalance by attracting FDI and helping technology transfer for our business.”

China has played a crucial role in Ethiopia’s economic development.

There are over 400 Chinese investments valued at over $4 billion that are active in Ethiopia that have created more than 100,000 jobs as of 2018.

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According to data from the Ethiopian Ministry of Trade and Industry, Ethiopia during the 2017-2018 fiscal year has already exported goods worth about $245 million to China.

The South Asian country continues to build its influence in Africa as it seeks to compete with the US in investment inflow in the continent.

The trade fair is geared at enhancing trade with the African countries, exploring and exposing business investment opportunities for potential investors as well.

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Earlier this year, Ethiopia’s Garden of Coffee announced its plan to open 100 outlets in China by 2022. China has opened its market to accommodate African commodities to bolster their international relations.