Addis Ababa, January 30, 2023 (FBC) – Ethiopian Enterprise Development (EED) has announced that the required support will be provided to investors and enterprises engaged in import substation products.
According to Abdulfata Yesuf, the Director General of EED, various designed schemes are being put into concerted operation to enable industries to produce import substitute products.
In the last six months, the Director General mentioned that the number of small, medium and large enterprises engaged in import substitution products in various sectors is increasing.
Abdulfetah revealed that import substitution products from those enterprises saved more than 212 million USD foreign currency, adding that more than 15 million USD in income was obtained from exported products in the last 6 months of the current Ethiopian financial year.
In the future, he said, EED will work in close cooperation with the relevant parties to increase export capacity, reduce import products, and create sufficient employment opportunities to the youth.
Other mandatory support, including facilitating loans with the World Bank and other partners, will be provided to industries that manufacture import substitute products, the Director General said.
He also mentioned that capacity building, job skills training, technical and other necessary support will be provided.
Abdulfetah called on investors and enterprises to focus on import substitute products and take advantage of these flattering opportunities.