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Apart from investing locally and hiring local people, Zhao said many high-end Chinese manufacturers have filled the local technical gap and optimized the industrial structure, so it's never about Chinese companies taking advantage of local natural resources, but creating a win-win situation.

Apart from the signing of this agreement, the forum was also an opportunity for the business communities from both countries to meet and explore means to boost bilateral cooperation.

Another Chinese company, Poly-GCL Petroleum Group Holdings Limited (Poly-GCL), last week also signed an agreement with the Ethiopia Ministry of Mines and Petroleum (MoMP) to construct the 767-km Ethiopia-Djibouti natural gas pipeline.

Ant Financial, an affiliate of Hangzhou-based tech titan Alibaba, announced last month that its Alipay has entered local bus networks in 50 domestic cities. This service would reach 100 cities this year, including third- and fourth-tier cities.

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