World Bulletin / News Desk
Despite China’s outstanding record of development assistance to Ethiopia, the Asian giant’s investments in the African state lack volume, a senior Ethiopian Investment Agency official has said.
China has invested $836 million in Ethiopia over the past ten years, Debela Habte, a senior public relations expert at the agency told Anadolu Agency on Thursday.
He added that, while Turkish investors had arrived later, they had since poured some $1.2 billion worth of investment into Ethiopia.
“Turks invest their money in large-scale projects, while the Chinese are more involved in both small- and large-scale projects,” Habte said
He said Turkish investors were largely engaged in the textile industry, which, he said, required significant capital.
This, Habte added, could explain why Turkey’s investment capital in Ethiopia had surpassed that of China.
Nevertheless, Habte said, China had managed to retain its leading position in terms of investment-related job creation.
“Chinese companies have managed to generate over 75,500 jobs [in Ethiopia] while Turkish companies have generated only 20,900 jobs,” he said.
He added that both the Turks and Chinese tended to focus their respective investment projects in capital Addis Ababa.
Habte said that 296 Chinese projects – out of a total of 437 Chinese projects in the country – were located in the capital, while 55 out of 100 Turkish projects were located in Addis Ababa.
Turkish investment projects, he noted, were mainly in the fields of manufacturing, real-estate, construction and hospitality.
He added that 69 Turkish projects were in the manufacturing sector.