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The Star
29-05-2025
- Business
- The Star
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.
Al-Ahram Weekly
20-03-2025
- Business
- Al-Ahram Weekly
Ethiopia to inaugurate disputed GERD within 6 months: PM Abiy Ahmed - Foreign Affairs
Ethiopian Prime Minister Abiy Ahmed said Thursday that the disputed Grand Ethiopian Renaissance Dam (GERD) would be completed and inaugurated within six months. "This will be recorded as a proud history of Ethiopia," he said, according to the Ethiopian News Agency. PM Ahmed added that the project represents a triumph in overcoming economic pressures through self-sufficiency and collective effort. During a parliamentary Q&A session, Ahmed asserted that his government had fulfilled its promises as the GERD's filling had not caused water shortages in Egypt's High Dam. He added that Ethiopia would engage in diplomatic discussions regarding the GERD to safeguard the interests of downstream nations. The multi-billion dollar GERD, which has been under construction on the Nile River since 2010, has long been a source of regional dispute with Cairo and Khartoum. Addis Ababa deems the project essential for producing electricity and economic development. Although Cairo and Khartoum have never expressed any opposition to the Ethiopian development goals, they have sought a legally binding deal on the filling and operation of the dam as per international law and the principles governing transnational watercourses. However, between 2020 and 2024, Ethiopia unilaterally completed the five-phase filling of the dam, bringing two turbines into operation, despite the absence of an agreement with downstream nations. Egypt, which relies on the Nile River for 97 percent of its water needs, fears that the GERD will harm its already scarce water supply. Similarly, Sudan is concerned about the impact of Ethiopia's unilateral actions on the safety of its dams. A decade of on-off negotiations between the downstream nations and Ethiopia has failed to produce an agreement that ensures their water security and dam safety while addressing Ethiopia's interests. In December 2023, Cairo announced the end of the GERD negotiations track due to Ethiopia's persistent rejection of any proposed technical or legal solutions. Follow us on: Facebook Instagram Whatsapp Short link:
