Addis Ababa, June 14, 2024 (FBC) – Ethiopia has succeeded in substituting 2.2 billion USD worth import products during the past 10 months of this ongoing Ethiopian Fiscal Year, Industry Minister Melaku Alebel disclosed.
The minister also stated that the industry sector has registered 10.1 percent growth and this shows that the country can achieve 7.9 percent total growth at the end of the fiscal year.
According to him, the Ethiopia Tamirt (Made in Ethiopia) movement successively implemented for the last few years has played crucial role for the spurring of the sector.
During the past 10 months, 129 heavy industries have entered operation in the last ten months, following the new investments that have entered the sector, he added.
In addition, industries that stopped manufacturing due to various reasons were made to start work under the Ethiopia Tamirt movement, and their production capacity has increased.
He further noted that encouraging achievements were registered in the activities undertaken to substitute imported factory products, ENA reported.
Ethiopia Tamirt movement has been instrumental for the achievement registered during the stated period, Melaku added.
During the past 10 months of the current Ethiopian Fiscal Year, 2.2 billion USD worth import products were substituted locally.
The industry sector is expected to grow by 12.8 percent in 2024/25 Ethiopian Fiscal Year which starts next July.