Domestic products substituted import goods worth USD 1.1 billion during the first half of the 2022/2023 fiscal year. Manufacturing companies were also able to generate USD 194 million from export trade.

According to Sileshi Lema, Deputy Director General of Manufacturing Industry Development Institute, manufacturing companies are not using close to half of their potential. However, works are underway to enable these companies produce a high quantity of quality products. The Institute has already made 28 studies which will help companies to invest in export and import substitution businesses.

The data of the Ministry of Industry shows that 663 manufacturing industries became operational in the first five months of the current fiscal year creating employment opportunities for 9,600 individuals.

Source: Fana BC and Ethiopian Press Agency