China Development Bank (CDB) has reinstated that it will provide financial support to Chinese enterprises to spur investment in steel, cement and shipbuilding in Ethiopia.

CDB president Zheng Zhijie said China has advanced and extra production capacity in some sectors and Ethiopia, with rich natural resources and abundant labor, needs rapid industrialization.

"The potential of bilateral industrial cooperation is great. Ethiopia is now one of our key partners in Africa," said Zheng.

China has been Ethiopia's largest trade partner and biggest source of foreign investment for years.

Chinese direct investment in the African country totaled 910 million U.S. dollars at the end of 2014, and foreign trade between the two countries rose 55 percent to 3.4 billion U.S. dollars last year.

During a meeting on Friday, Chinese Premier Li Keqiang and Ethiopian Prime Minister Hailemariam Dessalegn agreed to further promote cooperation in areas including infrastructure construction, energy and agriculture.