Vice Chairman of the Textile Chamber of Commerce Zhang Xinmin met with the Vice Chairman of the Ethiopian Investment Commission

On May 19, Vice President Zhang Xinmin of the Textile Chamber of Commerce met in Beijing with the visiting Vice Chairman of the Ethiopian Investment Commission, Temesgen. The two sides exchanged views on the latest situation of bilateral textile and apparel investment and trade, exchanged views on Ethiopia’s recent economic and trade investment policies and the operations of our companies in Ethiopia, and reached a consensus on cooperation to restart mutual visits and exchanges and jointly organize investment and trade promotion activities.

Zhang Xinmin said that China and Ethiopia have maintained good political and economic and trade relations for a long time, and the two sides have broad prospects for cooperation in the field of textile and clothing. Since the Textile Chamber of Commerce and the Ethiopian Investment Commission signed a memorandum of cooperation in 2016, the two parties have jointly organized a number of mutual visits and docking activities and achieved good results. He proposed that cooperation could be further enhanced from three aspects in the future. The first is to strengthen information exchange and communication between the two sides, regularly exchange the latest status of trade and investment policies and industry development between the two sides, and inform and promote enterprises through various channels; the second is to restart trade and investment forums and business docking activities to help enterprises from both sides discuss More cooperation opportunities; the third is to organize mutual visits. On the one hand, we invite the Ethiopian delegation to our textile and clothing production and processing base for inspection and research, and conduct precise docking with enterprises. On the other hand, we organize a delegation of entrepreneurs to go to Ethiopia to understand the basics on the spot. First-hand information on facilities, business environment, business operations, etc. Zhang Xinmin also raised concerns about the security situation in Ethiopia, the suspension of the African Growth and Opportunity Act, and the switching of Chinese-funded enterprises from exports to domestic sales, and expressed his willingness to work together with Ethiopia. Promote bilateral industrial cooperation and win-win development through various forms of economic and trade activities.

Temesgen said that the domestic situation in Ethiopia is stable and economic development is its primary goal. At present, Ethiopia has listed manufacturing industries such as textiles and clothing as a top priority for economic development, and has revised and promulgated a number of laws to support industrial development and promote investment facilitation. At the same time, the Ethiopian government emphasizes that retaining and expanding corporate investment will be elevated to the national strategic level, establishing a special mechanism to solve the practical difficulties encountered by foreign-funded enterprises, and implementing an open policy for export enterprises to switch to domestic sales. Temesgen said that the Ethiopian government is actively mediating to restore the African Growth and Opportunity Act and has received a positive response from the United States. At the same time, the African market has huge development potential. It is recommended that Chinese companies actively use the African Continental Free Trade Agreement (AfCFTA) to cooperate with Ethiopia to develop the large African market.

The two sides agreed to restart exchanges and deepen cooperation as soon as possible, jointly organize trade and investment promotion activities in China and Ethiopia, help Chinese companies understand Ethiopia’s latest preferential investment policies and market opportunities, expand bilateral trade and production capacity cooperation, and send business delegations to each other on the spot. Understand the industrial development and investment environment of the two countries and seek new cooperation opportunities. The Textile Chamber of Commerce is willing to further communicate with the Ethiopian Investment Committee to promote in-depth exchanges and docking of the textile and apparel industries of both parties.

AAA

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