Industry sector projected to register 8.2% growth – PM Abiy
Addis Ababa, July6, 2023 (FBC) – Ethiopia’s industry sector is expected to grow by 8.2 percent as the ‘Made in Ethiopia” movement has played a crucial in mobilizing industries, Prime Minister Abiy Ahmed (PhD) said.
Responding to queries forwarded by members of the HPR in the House’s 28th session today, the Prime Minister said industry has 28 percent share of the total GDP of the nation; and the sector is expected to register 8.2 percent growth the current Ethiopian fiscal year.
The source of the growth, according to the premier, is the “Made in Ethiopia” (Ethiopia Tamrit) movement which has been implemented for the past one and half years.
Some 160 factories which are new and renovated have been operational by the Ethiopia Tamirt movement. Therefore, huge production and productivity is expected as the result of the movement was effective.
In relation to the sector, the premier said that utilization of energy has increased by 15 percent, showing the ever-increasing demand of the industry sector.
Recall that the Ethiopia Tamrit movement was launched by the Prime Minister himself, with the aim of realizing a competitive manufacturing industry by solving the bottlenecks in the sector.
“Made in Ethiopia” (Ethiopia Tamrit) movement is a national effort to create a competitive manufacturing industry by solving the multifaceted problems of the sector in a sustainable, integrated and comprehensive manner.
The manufacturing industry sector is projected to grow from 6.8 percent in 2020 to 17.2 percent by 2030, increase its production capacity to 85 percent from the 50 percent target, and increase foreign trade revenue to 9 billion USD from the current 400 million USD from the sector.