5 days ago
Ethiopia saves 3.1 bln USD through import substitution in 9 months
ADDIS ABABA, May 29 (Xinhua) -- Ethiopia has saved more than 3.1 billion U.S. dollars by substituting imported products with locally produced commodities in nine months, according to the country's Ministry of Industry.
Ethiopian State Minister of Industry Tarekegn Bululta said that amid recent improvements in the country's manufacturing sector, its domestic market share has increased from 30 percent to 44 percent over the past few years, saving the country much-needed foreign currency that would have been spent on imports, the state-run Ethiopian News Agency reported Wednesday.
The state minister said this "significant achievement" has enabled the substitution of 3.1 billion dollars' worth of imported goods with domestically produced alternatives during the first nine months of the current fiscal year, which began on July 8, 2024.
Emphasizing the sector's strategic importance in achieving sustainable, competitive and resilient economic growth, he said the recent progress is the result of coordinated efforts aimed at addressing systemic issues. Bululta, in particular, highlighted notable improvements in manufacturing industries such as textiles, steel, food, and beverages.
Meanwhile, he underscored the manufacturing sector's role in job creation, contributing some 235,000 jobs. He said that amid the sector's positive prospects, manufacturing industries are expected to create up to 800,000 jobs in the near future.
Ethiopia, under its 10-year development plan from 2021 to 2030, aims to increase the production of various domestically made commodities, including cement, sugar, textiles, vehicles and heavy-duty trucks, to reduce the volume of imported goods.
