BY TSEGAYE TILAHUN
ADDIS ABABA – The Lamu Port-South Sudan-Ethiopia Transport (LAPSSET) project is instrumental in unlocking regional economic potential and expanding the economic growth base of member states, an economic researcher said.
The LAPSSET project facilitates regional economic integration, trade and interconnectivity among Ethiopia, Kenya and South Sudan, Economic Researcher Molla Alemayehu (PhD) told The Ethiopian Herald. The implementation of the project is also a key to reducing poverty and creating job opportunities in the three countries.
According to him, the project helps member states to register sustainable economic growth and it facilitates the seamless and affordable supply of products and reduces expenditure. It would also harmonize quotas and tariffs, boost the quality of products and services and give an opportunity for technology and knowledge transfer.
Moreover, the regional project has the role to create a balanced economic growth among the three countries and facilitate the flow of resources from one to another. Cognizant of the immense benefits the LAPSSET project carries to the improvement of their economies, the countries are expected to take concrete measures for its realization.
“These countries should also work to create a conducive environment for trade exchanges and revise the unnecessary regulations and other setbacks based on mutual consensus. By doing this, they could register better economic progress in years to come.” To bring tangible results, the agreement should consider the interest of each country and a lot is expected from Ethiopia to capitalize the project to ensure economic dynamism, the expert emphasized.
In a related development, the third LAPSSET Corridor Program Ministerial Meeting commenced yesterday under the theme “Fast-tracking LAPSSET Implementation for Peace, Growth, Sustainable Development and Regional Integration” in Juba, South Sudan.
An Ethiopian high-level delegation led by Finance State Minister Eyob Tekalign (PhD) is participating at the meeting which brought together government delegates, business communities, development partners and civil society organizations. The information obtained from the Ministry of Foreign Affairs disclosed that the meeting was hosted by the partnership of South Sudan’s Transport Ministry and the UNECA.
In his remarks at the occasion, Eyob highlighted the importance of the project in enhancing economic cooperation and regional integration among the three countries. He also reiterated Ethiopia’s commitment to the realization of the LAPSSET vision. The LAPSSET Corridor Program is Eastern Africa’s largest and most ambitious infrastructure project bringing together Kenya, Ethiopia and South Sudan.
THE ETHIOPIAN HERALD FRIDAY 19 MAY 2023
