ADDIS ABABA – Apart from receiving international acclaim ,the last six- year economic reforms have significantly contributed to expand the economic growth across Ethiopia, Industry Minister Melaku Alebel said.
Speaking at a forum organized by the Industrial Parks Development Corporation and the Ethiopian Investment Commission, Melaku highlighted that the government’s reforms have played a pivotal role in improving agricultural and manufacturing productivity.
Key economic policies, including industrial, manufacturing, digitaliz ation, financial, and macroeconomic policies, have been restored to align with international standards governing the modern global economy. Infrastructure policy reforms are also being implemented, positively impacting Ethiopia’s growing industrialization, the minister added.
“The Industrial Parks Development Corporation managed nine parks before the reform, which introduced privatization as a priority. Now, the number of parks has reached 22, although some challenges remain to be resolved,” he said.
According to the minister, energy supply to manufacturers has been strengthened. And, the railway and asphalt roads essential for industrial logistics, have been extended. Ethiopia’s road network is now expanded to 167,000 kilometers, with plans to reach 245,000 kilometers within the next decade.
“Before the reforms, nationwide manufacturing capacity was low. Today, we have a 10.1% growth in industrial manufacturing compared to pre-reform levels,” Melaku noted.
Senior economist Zemedeneh Nigatu, who presented his views at the forum, remarked that Ethiopia is one of Africa’s fastest-growing economies and currently ranks as fifth largest economy in the continent Africa.
He praised the reforms for prioritizing the private sector, which he sees as a key driver of national economic development. “The manufacturing sector, like others, is expected to benefit from the reforms, which are fostering innovative solutions to existing challenges.”
BY YESUF ENDRIS
The Ethiopian Herald September 8/2024
