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Ethiopia: Government Committed to Supporting Local Investors, Ministry of Industry

MOI LOGO MINISTRY OF INDUSTRYEthiopia's Industry Minister, Melaku Alebel, highlighted the government's commitment to prioritizing local manufacturers through the new industrial policy. This focus is part of the Home-grown Economic Reform and the 10-year Perspective Development Plan, contributing to overall sector improvement.

The government is implementing measures to strengthen the manufacturing industry, addressing challenges such as resources, energy, and finance. Extensive engagement with stakeholders has occurred, including efforts to increase credit accessibility for the private sector.

The financial support has eased challenges for industrialists, with USD 266 million in loans granted in the last five months. A significant number of industries that had halted production resumed operations with government support. The overall production capacity has increased from 46% in 2013 to 56%. Emphasizing attention to local manufacturers, Melaku noted that half of the businesses in industrial parks are domestic.

The "Let Ethiopia Produce" initiative has yielded positive outcomes in reducing imports, and government institutions are encouraged to buy local products. Melaku urged the private sector to use government support and incentives responsibly. Notably, the nation exported industrial products worth USD 131 million in the last five months.

Source: Ethiopian News Agency