Ethiopia’s pathway to prosperity follows a multi-sectorial growth approach to enable equitable development, while manufacturing remains a priority for its close linkage with other sectors. Ethiopia is taking meaningful reforms to make the private sector the engine of growth.
We have strengthened our adaptive industrial policymaking by establishing a free economic zone in order to be more agile in the face of a changing world. Second, we have been investing extensively in multi-sector growth sources under our homegrown economic reform pillars of agriculture, industry, tourism, ICT and mining.
Prime Minister Abiy Ahmed (PhD) said while addressing the 20th General Conference of the United Nations Industrial Development Organization (UNIDO).
Inflation shows decline
Inflation has been declining during the past six months, declined from 29.3 % by the end of last June to 27.7 % during the first quarter of the current Ethiopian budget year.
NBE targets to reduce inflation to below 20 % by June 2024 and below 10 % by June 2025. Despite encouraging achievements registered during the first quarter of the ongoing budget year, reducing inflation significantly is still a priority in NBE’s macro-economic stability initiatives.
Mamo Mihretu, Governor, National Bank of Ethiopia (NBE)
Ethiopia on track to launch Capital market
Ethiopia is on track to launch capital market during the current Ethiopian year with a view to supporting the development of the national economy. Ethiopian Capital Market Authority is finalizing preparations to kick off the operation of capital market in Ethiopia.
Several foreign and domestic investors have shown keenness to engage in Ethiopia’s capital market. Five public enterprises have been making preparations to take part in the market while companies from Kenya, Nigeria and South Africa are interested to participate too.
Solomon Zewde, Ethiopian Capital Market Authority Senior Legal Adviser
Ethiopia, Czech to establish joint economic cooperation commission
Ethiopia and the Czech Republic have agreed to establish a joint economic cooperation commission following the discussion between the two countries leaders in Czech aiming at elevating the existing cooperation in various spheres.
Prime Minister Abiy and his Czech counterpart Petr Fiala have vowed to strengthen cooperation in tourism, especially in heritage protection and research, military, agriculture and economic sectors.
The establishment of a joint economic cooperation commission that has been agreed by leaders of the two countries is vital to integrate the sectors together and quickly translate into action.
Selamawit Kasa, State Minister of Government Communication Service
Ethiopia working to unlock mines’ economic potential
The mining sector has become one of the critical economic sectors of Ethiopia. The government has been making consolidated efforts to render the mining sector the engine for national economic growth and a dependable source of foreign currency and employment.
Tapping the mining potential is vital to registering economic growth. Producing agricultural minerals and soil fertilizer would help Ethiopia to ensure food self-sufficiency. So far, some 170 local and international companies are engaged in mining sector in Ethiopia and following the attention given by the government, the sector is attracting more investors.
Suitable policies and strategies are applied in the sector.
Mines Minister Habtamu Tegegn (Eng.) during the second Mining and Technology Expo
THE ETHIOPIAN HERALD SATURDAY 2 DECEMBER 2023
