Ethiopia registers encouraging socio-economic progress despite challenges

Addis Ababa, October 10, 2022 (FBC) – In her opening speech at the second joint session of the House of Peoples Representatives and House of Federation, President Sahle-Work Zewde stated that Ethiopia has registered encouraging socio-economic progress despite challenges related to conflict, drought, flooding and global economic instability.

Results gained in the macro-economic sector imply that the government has implemented effective policies that helped with stand the economic instability globally.

The nation has gained promising results in the export trade in which the mining and agricultural sectors have contributed the greater share, she said.

According to the President the nation has managed to create more than 2.3 permanent jobs for citizens during the concluded fiscal year.

The results have been gained in the face of challenges related to flooding, conflict, and drought in various parts of the country.

The agriculture sector has seen 43pct growth while the service sector witness 32pct increase, according to the President. Ethiopia has been working hard to ensure food security and self-sufficiency through large investments in wheat production sectors.

Saying that the nation has achieved remarkable achievements in the foreign direct investment sector,  President Sahle-Work Zewde underscored that Ethiopia will remain a chosen investment destination during the years to come.

The commencement of electric power from the Grand Ethiopian Renaissance Dam (GERD) is among the groundbreaking achievements registered during the fiscal year, President Shale-Wrok Zewde said.

Ethiopia will continue strengthening its green development endeavors to tackle treats of food insecurity and mitigate impacts of the climate change.

The President noted that the Government will exert maximum efforts through implementation of effective strategies to address inflation and related cost of living.

Low income members of the community will be subsidized by the government as part of the efforts underway to address the inflation and related socio-economic problems. She also announced activities to address mal-administration issues so as to better serve interests of the public.

Based on its achievement gained over the last years, Ethiopia is working to expand its green development initiative to countries of the region, the President underscored.

Regarding the diplomatic sector, President Shale-Wrok Zewde stated that Ethiopia is committed to strengthening its relations with partner countries in a way that respects its national interests.

Ethiopia attached greater significance to its relationship with neighboring countries, she said, reaffirming commitment of the government to bolster economic integration in the region.

Construction of the GERD will continue as per the plan, and the nation will step up the ongoing activities to well integrate the region through power supply.

Saying that Djibouti is already getting electricity from Ethiopia, the President added that preparations are underway to supply Kenya, South Sudan, Sudan and Egypt with green power in affordable prices.

The country has been endeavoring to generate more income from the tourism sector, and a wide range of activities are underway develop more attraction sites in several parts of the country, the President added.