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Ethiopia's Industry Grows by 10.1%, Ministry of Industry

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Minister of Industry Ato Melaku Alebel reported a 10.1% growth in the sector over the past ten months. In a performance review presented to Prime Minister Abiy Ahmed this growth surge is attributed in large part to the Ethiopia Tamrit Movement, a program focused on promoting domestic production and reducing reliance on imports.

The Minister specifically highlighted the movement's role in propelling the sector's resurgence. In this regard, 129 major industries have commenced operations in the past ten months, fueled by new investments attracted by the movement. Additionally, previously dormant industries have been revitalized, resuming operations and increasing production capacity. Furthermore, the country replaced USD 2.2 billion worth of imports with domestically produced goods over the past ten months.

Looking towards the future, the Ministry of Industry outlined ambitious plans to build upon this year’s achievement. The target for the 2024/25 fiscal year is to achieve an even higher growth rate of 12.8% within the industrial sector.

Source: Ethiopian News Agency