-AfCFTA chief underscores Ethiopia’s trading prowess
ADDIS ABABA – Deputy Prime Minister Temesgen Tiruneh has reaffirmed the government’s commitment to supporting both local and foreign businesses in entering export markets through the African Continental Free Trade Area (AfCFTA) and the global market system.
Speaking at a discussion with manufacturers, exporters, international business communities, and government officials yesterday, Temesgen emphasized the government’s ongoing efforts to enhance the private sector’s export capacity.
Temesgen noted that Ethiopia’s first phase of Homegrown Economic Reform highlighted the critical role of financial reforms in boosting private sector exports. Building on this success, financial reforms have been further integrated into the second phase of the economic reform program. “The ongoing reforms are designed to increase private sector engagement, which is crucial for expanding our export sector,” he stated.
The Deputy Prime Minister pointed out that key economic sectors such as mining, agriculture, and manufacturing have significant untapped potential, offering substantial opportunities for both private and public entities in continental and international markets.
The AfCFTA Secretary General Wamkele Meneechoed these sentiments, underscoring Ethiopia’s strategic importance as Africa’s second most populous country with a resilient economy. “As AfCFTA implementation advances, Ethiopia’s participation presents enormous opportunities for international trade within the continent,” Mene said.
He added that the AfCFTA framework would provide considerable benefits for Ethiopia, enabling its businesses to extend their influence beyond East Africa. With a projected increase in GDP in the coming years, Ethiopia’s deeper involvement in continental trade is expected to generate opportunities worth billions of USD.
Mene also revealed that Ethiopia’s proposal to join AfCFTA has been accepted, allowing the country to leverage the vast market opportunities presented by Africa’s large population. This acceptance reinforces Ethiopia’s potential to expand its trade footprint across the continent.
The discussions, attended by senior government officials, representatives from continental organizations, and various business stakeholders, emphasized the critical role of economic reforms and regional integration in driving Ethiopia’s trade and economic growth.
BY YESUF ENDRIS
THE ETHIOPIAN HERALD FRIDAY 30 AUGUST 2024
