ADDIS ABABA–The “Let Ethiopia Produce” initiative has recorded an impressive 25% average annual growth in import substitution since its launch, contributing significantly to the country’s home-grown economic reform, according to the project office.
The initiative, aimed at enhancing competitiveness, promoting import substitution, and boosting exports, has also addressed critical challenges in inputs, financing, infrastructure, and power supply. Over the past fiscal year, 247 new manufacturing projects benefited from improved power access, and 1,119 new investments were attracted to the country-of which 220 were foreign direct investments (FDI).
The manufacturing sector has grown by an average of 10% annually, creating 236,000 permanent jobs. However, the Project Office Head Ayana Zewde (PhD) noted that this figure falls short of the targets set in Ethiopia’s Ten-Year Development Plan. Structural issues such as limited financing, inadequate infrastructure, skill shortages, and service delivery challenges initially prompted the launch of the initiative to enhance the manufacturing sector’s contribution to the national economy.
“This initiative focuses on overcoming structural bottlenecks through better coordination, strong monitoring, and evaluation systems,” Ayana explained. He emphasized that the program goes beyond boosting productivity by engaging key stakeholders and driving improvements in quality, exports, and import substitution.
Aligned with Ethiopia’s Home- Grown Economic Reform agenda, macroeconomic adjustments, and the Ten-Year Development Plan, the initiative also aims to facilitate technology and knowledge transfer to support sustainable industrial growth. Officials believe that the “Let Ethiopia Produce” initiative will play a pivotal role in accelerating economic development and strengthening Ethiopia’s position in both local and global market.
The ‘Let Ethiopia Produce’ initiative is a government-led program aimed at promoting industrialization and economic development in the country. It encourages domestic production of goods and services, reduces reliance on imports, and promotes exports.
BY TSEGAYE TILAHUN
THE ETHIOPIAN HERALD TUESDAY 29 OCTOBER 2024
