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Ethiopia Aims to Increase Manufacturing Industry Growth to 10.5 Percent in Three Years

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The Ministry of Industry has unveiled its ambitious strategy to propel the growth of the manufacturing industry sector to a remarkable 10.5 percent over the next three years.

A range of initiatives is being implemented to augment the manufacturing sector's contribution to national production growth. These initiatives encompass expanding existing industries, enhancing their productivity, and attracting new investments. The government is also actively working to streamline access to resources and finance for the sector, with plans in place to generate 327,000 new jobs within the sector in the current year alone.

State Minister of Industry Tarekegn Bululta emphasized that the government has prioritized the manufacturing sector this year, implementing policy reforms specifically aimed at supporting small and medium enterprises (SMEs), which are vital for economic development. In this regard the Development Bank of Ethiopia is prepared to provide loans totaling Birr 51 billion to support manufacturing industries in the current year.

Source (including image): Ethiopian News Agency