Ethiopia has secured $13 billion in investment commitments, the state investment commission said, after a conference aimed at attracting capital into a range of economic sectors.
Like many frontier economies in Africa, the East African nation is working to increase foreign direct investment, particularly in manufacturing, as a way to generate jobs for its rapidly growing population.
This comes shortly after neighboring Kenya hosted a similar initiative, announcing $2.9 billion in deals last week.
The agreements finalized at the conference in Addis Ababa, which concluded on Friday, cover “manufacturing, agriculture and agro-processing, energy, construction, and other strategic sectors,” the Ethiopia Investment Commission (EIC) said in a statement seen by Reuters on Sunday.
Among the deals is a $150 million project by Sun King to roll out off-grid solar systems for homes and businesses over the next five years.
In addition, China’s Liaoning Fangda Group plans to invest more than $500 million in steel and pharmaceutical manufacturing facilities.
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The largest portion of the commitments comes from Ming Yang Smart Energy Group Limited, a Chinese energy company, with projects focused on renewable energy infrastructure, hydrogen, and green ammonia, requiring investments exceeding $10 billion, according to the EIC.
These developments align with Ethiopia’s ongoing economic reforms, which began in 2024. The reforms include liberalizing its currency, removing foreign exchange controls, and opening key sectors such as financial services to greater participation.
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Image Credit: MOF
