Addis Ababa, December 28, 2023 (FBC) – The new Ethiopian industry policy has been giving priority to the local manufacturers, Industry Minister Melaku Alebel said.
The special attention given to the manufacturing industry through the Home-grown Economic Reform and the 10-year Perspective Development Plan have been contributing to the overall improvement of the sector, the minister said.
Melaku added that the government is taking various measures to strengthen the sector.
As part of the interventions, the nation has been implementing a new industrial policy that fits with the current global and national trends, ENA reported.
The minister explained that there have been extensive engagements with stakeholders to solve the resource, energy and financial challenges faced by industries.
In particular, banks have been made to give the maximum amount of credit to the private sector to solve the challenges in connection with finance accessibility.
According to him, the current financial supply is easing the problem to industrialists in Ethiopia.
Melaku pointed out that manufacturers have received some 266 million USD loans over the last five months alone.
Mentioning industries that had stopped production, he stated that 376 of them have now returned to production with support they were given.
The production capacity of industries has also grown to 56 percent from 46 percent in 2013.
Melaku said that half of the 127 manufacturers who took sheds in the industrial parks are local and the new industrial policy has given a lot of attention to local manufacturers.
Fruitful results have been gained from the “Let Ethiopia Produce” movement to replace imported products, the minister pointed out, adding that government institutions are being encouraged to buy local products as well.
He urged the private sector to utilize the support and incentives from the government only for the intended purpose.
Finally, Melaku revealed that the nation has secured 131 USD from industrial products exported in the last five months.