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Chinese investment in Ethiopia reaches 4 bln USD: official 

ADDIS ABABA Ethiopia (Xinhua) -- Chinese investment to Ethiopia operating in various sectors has reached 4 billion U.S. dollars, an Ethiopian official said on Thursday.

Speaking to Xinhua, Meles Alem, spokesperson of Ethiopia’s Ministry of Foreign Affairs (MoFA), said around 600 Chinese investment projects worth 4 billion U.S. dollars are operational in the East African country ranging from manufacturing, infrastructure, agricultural to education sectors.

He said with the two countries signing a comprehensive strategic partnership agreement in May 2017, the economic and political relationship is expected to reach even more great heights including in new areas like green economy, capacity development and knowledge transfer. 



China-Africa cooperation forum hailed as model for multilateral engagement

UNITED NATIONS New York (Xinhua) -- The Forum on China-Africa Cooperation (FOCAC), which had its latest summit in Beijing earlier this week, was hailed by an African diplomat as an effective model for multilateral engagement with Africa.

“The fact that China pursues the win-win cooperation and the ‘five-no’ approach in its engagement with Africa renders FOCAC a strategic importance not only as a model for South-South cooperation but also with the potential to transform it into an exemplary platform for international cooperation as well,” said Semungu H. Gebrehiwot, minister counselor at the Permanent Mission of Ethiopia to the United Nations, in New York on Friday.

The “five-no” approach is no interference in the development paths of individual countries; no interference in their internal affairs; no imposition of China’s will; no attachment of political strings regarding assistance; and no seeking of selfish political gains in investment and financing cooperation.

Once labeled as “hopeless continent,” Africa is now on a path to transformation and change, thanks to the major role played by China, Gebrehiwot said.

For nearly the past decade, China has been Africa’s largest business and trading partner. The recent announcement of 60 billion U.S. dollars of financing package during the summit is another huge opportunity that has far-reaching positive impact on Africa’s continued development and stability, he said.

African leaders and African Union officials have expressed the view that the Beijing Declaration and the FOCAC Beijing Action Plan fully reflect the priorities set by Africans in Agenda 2063, a strategic framework that envisions creating an integrated, prosperous and peaceful Africa, the Ethiopian diplomat said.

China is putting a bulk of its fund on areas that matter most to African countries, hastening their development, which would also meaningfully contribute to addressing the root causes of conflicts in Africa, when seven out of eight of the major initiatives China launched during the FOCAC Beijing summit target socioeconomic and development issues, he said.

FOCAC can serve as an important tool for preventing conflicts, a priority championed by the United Nations Secretary-General Antonio Guterres since taking the UN’s highest office in January 2017, Gebrehiwot said.

He added that through FOCAC, China is complementing AU’s Agenda 2063, UN’s SDG 2030 and vision of the UN reform proposal that was recently endorsed by the General Assembly.

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