The Ministry of Labor and Skills has announced that 51,000 of the 179,000 enterprises established in the country since the government adopted a new policy on family businesses are family-owned.

According to Ato Nigussu Tilahun, the Minister of State for Labour and Skills, the government's new policy recognizes the importance of family businesses in creating jobs and stimulating economic growth. The government is providing training and job search programs to help families start and grow their businesses. A more favorable environment for family businesses is also being created which includes simplified licensing process and access to credit.

The State Minister stated that the government was committed to supporting family businesses, which he believes had the potential to play a major role in Ethiopia's economic development.

Family businesses face a number of challenges, including limited access to capital, lack of management skills, and competition from larger businesses. However, they also have a number of advantages, including strong family ties, shared values, and a commitment to long-term success. The government's recent policy on family businesses is an important step in recognizing the potential of these businesses to contribute to the country's economic development.

Source: Addis Zemen