Fana: At a Speed of Life!

Industry Minister emphasizes competitive advantage through import substitution with local goods

Addis Ababa, May 10, 2024 (FBC) – In a panel discussion held during the second day of the 2024 “Made In Ethiopia” Expo, Mr. Melaku Alebel, the Minister of Industry, shed light on the significance of import substitution production and its potential to enhance Ethiopia’s competitiveness in the global market.

Addressing the audience, Minister Melaku emphasized that one of the major challenges faced by the country is the inconsistency of its trade balance. He pointed out that this inconsistency hampers the country’s ability to meet the demand for domestically produced goods in foreign markets, while also limiting efforts to replace imported products.

Furthermore, the minister highlighted the adverse impact of importing goods on local employment opportunities. He stressed the need to prioritize import substitution production as a means to address this issue and boost the growth and competitiveness of Ethiopia’s manufacturing industry.

To tackle these challenges, Mr. Melaku revealed that an import substitution production strategy has been approved and put into operation. This strategy aims to give due attention to domestic production and reduce reliance on imports. However, he acknowledged that successful implementation of this strategy requires concerted efforts from all stakeholders involved.

The panel discussion, which took place at the “Made In Ethiopia” Expo inaugurated by Prime Minister Abiy Ahmed on May 9 at the Millennium Hall, focused on the importance of product quality and import substitution production in driving the growth and competitiveness of the manufacturing sector.

By prioritizing product quality and import substitution production, Ethiopia aims to strengthen its position in the global market, create more employment opportunities, and achieve sustainable economic growth.

You might also like

Leave A Reply

Your email address will not be published.