Addis Ababa, November 20, 2024 (FBC) – The Minister of Trade and Regional Integration underscored that Ethiopia has been reinforcing concrete policy measures in export diversification to enhance the competitiveness and quality of agricultural products at the global market.
Ethiopia is hosting the 13th International Conference on Pulses and Oilseeds since November 19, the largest event in Eastern and Sub Saharan Africa where it has brought together the international buyers, import associations, value chain companies and service providers, agro-processing industries and grain producers’ traders as well as importers & exporters from all over the World.
In his keynote address to the conference, Minister of Trade and Regional Integration, Mr. Kasahun Gofe (PhD) said pulses and oilseeds are the backbone of Ethiopia’s rural economy.
These commodities contribute significantly to the livelihoods of millions of farmers, driving export revenues and promoting national economic development and inclusive prosperity, he indicated.
In its recent report, the Ministry disclosed a notable increase in foreign exchange earnings from Ethiopia’s cereal and oilseed exports, with over 156 million USD generated in just the first four months of the current fiscal year.
The agricultural exports, including pulses and oilseeds, are showing positive growth despite challenges in fully capturing the foreign currency potential that the country’s production capacity offers, according to the report.
Ethiopia is deeply committed to strengthening its agricultural sector and fostering an environment that enables farmers and exporters to thrive, Minister Kasahun reaffirmed.
“As part of our economic transformation, Ethiopia has embarked on a series of ambitious reforms aimed at improving our economic landscape.
These include a shift to a market-driven exchange rate, the introduction of non-bank foreign exchange bureaus, the removal of import restrictions, and opening our Ethiopian Securities Exchange (ESX) to foreign investors,” the Minister revealed.
He added that these reforms are designed to enhance and create a more conducive environment for international business in Ethiopia, as called by ENA.
Ethiopian is also working towards finalizing its accession to the World Trade Organization (WTO) within the next two years, he said, adding that would empower its participation in global trade. He also reaffirmed Ethiopia’s commitment to implementing the African Continental Free Trade Area (AfCFTA) agreement.
Noting that Ethiopia has launched several initiatives aimed at making Ethiopia a leading exporter of high-quality pulses and oilseeds, the minister said, this international conference provides an invaluable platform for fostering stronger trade relations between Ethiopia’s pulses and oilseeds exporters and global buyers.
Kasahun also stressed the need for increasing agricultural export products, developing the agro-processing sector and adding value to pulses and oilseeds. And that would bring about additional markets to boost export revenues, he said.
On his part, President of the Ethiopian Pulses and Oilseeds Exporters Association, Edao Abdi highlighted the importance of the conference as a platform for building connections, sharing knowledge, and advancing the export sector.
“This event is about seizing the opportunity to grow our business, strengthen relationships, and expand our networks,” he stated.
He also pointed out Ethiopia is uniquely positioned to expand its pulses and oilseeds exports.
Ethiopia exported over 670 million USD worth of pulses and oilseeds during the previous fiscal year and a 10 percent increase is anticipated for this Ethiopian fiscal year.
According to Edao, this would enhance Ethiopia’s global reputation and build confidence in the agribusiness sector.
The President also called for adopting modern practices, including digitalization and value-added opportunities, to drive growth and innovation, emphasizing the need for transparency, professionalism, and a forward-thinking mindset.