Addis Ababa, April 17, 2010 (Addis Ababa) - The China-Africa Development Cooperation (CAD-Fund) said on Thursday it has been making considerable contribution in Ethiopia in terms of job creation and technology transfer, Xinhua reported.

CAD-Fund Representative Office in Addis Ababa said it has been striving to improve the economic cooperation between Ethiopia and China. It is successfully promoting Chinese investment in Ethiopia.

CAD-Fund Chief Representative in Addis Ababa, Wang Yong told journalists that the fund invests in infrastructures, agriculture, and other sectors, with particular interest in the manufacturing industry in Ethiopia.

The fund in March opened its second representative office in Addis Ababa, after the one in Johannesburg, South Africa.

The newly opened office in Addis Ababa helps to facilitate Chinese investment activities in 10 countries including Burundi, Djibouti, Eritrea, Ethiopia, Kenya, Rwanda, Seychelles, Somalia, and Uganda.

The representative said the fund has already invested in four big projects with a total capital of over 150 million USD in Ethiopia that makes number one in terms of number of projects.

"In Ethiopia in the past three years we already invested in four projects, including glass factory, leather processing factory, cement plant, and a four-star hotel.” he said.

Yang said the fund enables Chinese companies to bring suitable technology and management skills from China to Ethiopia.

The China-Africa Overseas Leather Products is being constructed in Suluta town of the Oromia State, some 32 km away north of Addis Ababa.

President of the China-Africa Overseas Leather Products told the agency that the construction of the factory launched last September at a cost of 25.93 million USD is going smoothly.

Currently, the construction of the factory creates jobs for more than 200 local people and when it starts production it is expected to create 500 more job opportunities, the president said.

According to him, when fully go operational, the project will enable Ethiopia to secure over 25 million USD annually.

He said they are undertaking the project obeying the law of the country, having good relations with local administrations and the public at large.

CAD-Fund has been established in June 2007 with a view of promoting economic cooperation between China and Africa and advancing Africa's development. It has already invested about 800 million USD on over 30 projects in 40 African countries.

ENA Contributed to this Story