– Supports 364 industries get back to operation
The ‘Let Ethiopia Produce Movement’ is central to transforming Ethiopia’s emerging economy and expediting its economic growth progress, the Deputy Prime Minister and Foreign Minister said.
The ‘Let Ethiopia Produce Movement’ String Committee held discussion yesterday with stakeholders on ways to enhance production and productivity of manufacturing industries as well as import substitution.
Speaking at the occasion, the Deputy Premier and the Committee’s Chairman Demeke Mekonnen stated that the formation of a string committee would facilitate the project to achieve its goals and keep the project moving forward. “The leadership has a key responsibility to make the project effective, especially in problem solving.”
According to him, the ‘Let Ethiopia Produce Movement’ is one of flagship projects of the Homegrown Economic Reform. The country has been realizing and leading these flagship projects at various levels. “It is a great brand that would contribute to improve production and productivity of industries to substitute import and increase export volume.”
To substitute imports and expand export, Ethiopia needs to produce and supply products with high quality standards to local and foreign markets. So far, Ethiopia’s economy has been progressing remarkably, withstanding various challenges.
Strengthening the movement would strongly galvanize the already started efforts to realize Ethiopia’s 10-year Homegrown Economic Reform agenda, Demeke emphasized.
For his part, Industry Minister Melaku Alebel stressed the need to give priority to enhance service delivery, input supply, and investment competitiveness and power supply. Shortage of foreign exchange earnings, skill and working culture, coordination and other challenges of the manufacturing industry should also be addressed.
The ministry has been working to replace some 96 new products, which were imported from abroad. Manufacturing industries managed to save some 350 million USD via import substitution during the first quarter of the current Ethiopian fiscal year.
Also, the movement has helped some 364 industries get back to business and it has brought tangible achievements in encouraging the manufacturing industry and job creation, Melaku remarked.
BY TSEGAYE TILAHUN
THE ETHIOPIAN HERALD FRIDAY 3 NOVEMBER 2023