Ethiopia drafting proclamation to bolster country’s startups ecosystem

Addis Ababa, November 24, 2024 (FBC) – Ethiopia is drafting a proclamation to strengthen its startups ecosystem, Minister of Innovation & Technology Mr. Belete Molla, has claimed.

According to the Minister, the purpose of the draft proclamation is to provide institutional and legal support to start-ups to strengthen the development of the sector in Ethiopia.

Stakeholders’ discussion forum was held in Addis Ababa on Saturday to exchange views and solicited additional inputs to the draft bill that aims at establishing institutional and legal procedures for the development of startups in Ethiopia.

The objective of the draft is to establish procedures for the development of the sector by addressing the existing challenges and facilitate conducive working environment in terms of access to finance and other vital provisions.

Minister of Innovation and Technology, Belete Molla said on the occasion that Ethiopia is working to strengthen startups by establishing legal procedures that expedite their growth and tackle financial problems, local news agency ENA reported.

He mentioned about multifaceted activities being carried out by the government to support the ongoing development endeavors with technology and innovation in order to get the country out of poverty.

The minister said that many entrepreneurs are joining the economy due to the attention given to the private sector in Ethiopia’s homegrown economic reform, and added that Startups are part of it.

The government has given the highest priority to the development of Startups considering their contribution to the overall economic development of the country.

Accordingly, a number of Startups are established in the country requiring legal framework to further encourage their growth.

The government is actively working to create a startup-friendly environment in the country by providing necessary resources including financing, workspace, and technical assistance, according to Ethiopia’s Ministry of Innovation and Technology.

Startups are considered as a critical player in creating jobs and increasing productivity in a variety of industries, including tourism, industry, and agriculture, efforts will be stepped up to assist them in breaking into the market.