The Prime Minister of Ethiopia, Abiy Ahmed, recently disclosed that the country is projected to earn $10 billion in export revenue by the end of the current fiscal year.
- Ethiopia is projected to earn $10 billion in export revenue by the end of the current fiscal year, a significant increase from less than $3 billion three years ago.
- The country’s industrial sector growth and the ‘Made in Ethiopia’ movement are credited for this economic achievement.
- Ethiopia has generated about $14.5 billion in import-substitute goods over four years and plans to double this figure.
- Production capacity in the industrial sector increased from 47% to 67%, with over 2,800 new domestic and foreign investments.
The disclosure was made during the 4th ‘Made in Ethiopia’ Expo, noting that the estimated earnings are a far cry from those of three years ago, when the country was unable to earn $3 billion for its exports.
According to the Prime Minister, the country’s budding industrial sector and the success of the Made in Ethiopia Movement are two of the key reasons for the significant jump in estimated revenue.
He also noted that the national economic framework has prioritized the expansion of export activities alongside a strategic reduction in import dependency by enhancing domestic manufacturing capabilities.
As reported by the Ethiopian News Agency, Abiy revealed that Ethiopia has generated around $14.5 billion in import-substitute goods in the span of four years, as plans to double that figure have already been set in motion.
“It is truly an honor to witness the tangible realization of our national vision at this year’s ‘Made in Ethiopia’ Expo,” he posted on his X account.
“Our results-driven governance is reflected in unprecedented industrial expansion, highlighted by average production capacity utilization soaring from 47% to 67%, the attraction of over 2,800 domestic and foreign direct investments over the past four years, and more than $4.85 billion in foreign exchange saved through import substitution in the first nine months of the 2018 fiscal year alone.”
Furthermore, the Prime Minister relayed that the country has designated 96 specific products for domestic production, including a strategic focus on the ceramics industry, as part of a comprehensive import substitution strategy.
He also attributed the current 10.2 percent economic expansion in the East African country to significant progress within the sectors of agriculture, mining, manufacturing, tourism, and technology.
Story by :Chinedu Okafor
