According to the agreement the company will construct 80 projects including textile, food, shoe, electric manufacturing factories within 5-sq.km reserved as industrial zone.

State Minister Tadesse Haile and Company’s president Lu Qilyuan signed the accord here on Monday.

After signing the accord Tadesee said the projects are timely and contribute a lot to further boost the growth of the Ethiopian economy.

He said his ministry will contribute its share for effective execution of the projects.

Company's president, Lu Qiyuan on his part said the necessary infrastructure will be built at a cost of 2.8 billion Yuan Renminbi. Five of the projects will be constructed soon and a total of five years is needed to finalize the construction of all projects.

When the projects go operational, they will create some 20,000 jobs, he said. Ethiopia will also obtain over 800,000 million yuan Renminibi from project tax, he added.

The agreement will further strengthen the vibrant Ethio-China cooperation.

R...1:30-2:30 pm

E: 3:20 p.m.

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