The Ethiopian Enterprise Development (EED) released its performance report for the nine months of the 2023/24 fiscal year. The report highlights achievements in export generation, import substitution, and job creation within the manufacturing sector.
Manufacturing enterprises exported a total of 14,190 tons of products, generating USD 24.51 million in foreign currency revenue. This represents a 98% fulfillment of the planned export target. Key export areas included textiles, clothing, leather goods, food & beverages, handicrafts, chemicals, and construction materials.
The EED attributes this growth in production and exports to its comprehensive support programs, implemented in collaboration with regional and federal stakeholders. Notably, the report emphasizes a significant achievement in import substitution. By replacing imported goods with locally manufactured products, Ethiopian enterprises saved an estimated USD 1.32 billion in foreign exchange costs. These efforts contribute to the broader national goal of reducing reliance on imports.
In terms of job creation, the EED planned to create 138,922 jobs through small and medium-sized manufacturing enterprises. So far, 106,441 permanent jobs have been established, representing 77% of the target. The breakdown shows 61,220 jobs created in small enterprises and 45,221 in medium-sized ones.
The report was presented and discussed at a forum held in Adama city. Attendees included EED leadership and staff, members of the House of People's Representative’s Standing Committee on Industrial and Mining Affairs, and representatives from the Ministry of Industry. Discussions focused on evaluating the nine-month performance, identifying areas for improvement, and ensuring continued progress in overcoming production capacity challenges within the Ethiopian manufacturing sector.
The Ministry of Industry, in a separate report, emphasized the positive impact of the government's focus on the industrial sector. The Ministry highlighted a total national saving of USD 3.1 billion achieved through import substitution. Ongoing discussions with EED and industry stakeholders aim to build upon these accomplishments and ensure successful completion of the fiscal year’s plan.
Source: Addis Zemen and Fana BC
