$2.3bn obtained from import substitution in 2022/23 fiscal year – Ministry

Addis Ababa, July 31, 2023 (FBC) – The Ministry of Industry of Ethiopia (MoI) has announced that 1,000 industries have gone operational in the 2022/23 Ethiopian fiscal year.

The Minister of Industry, Melaku Alebel, stated that effective activities were undertaken through the “Made In Ethiopia” (Ethiopia Tamrt) campaign in the last financial year.

In the last fiscal year, the production capacity of industries has increased to 55 percent compared to 2021/22 fiscal year’s 52 percent, which is a great leap for the manufacturing sector, the Minister said.

Owing to the effective activities and the encouraging inward looking trade strategy put into effect in the manufacturing sector, some 2.3 billion USD was earned from import substitution products, Alebel announced.

He pointed out that encouraging results have been recorded in the work done to address the constraints of power and input supply in the sector.

In terms of the provision of foreign currency, some 452 million USD was provided to the sector though the plan was to provide 650 million USD.