Import substitution has registered remarkable results in the concluded Ethiopian fiscal year, Industry Minister Melaku Alebel remarked.
Discussion is underway on the annual performance review of the Industry Ministry and plans for the 2024/25 (2017 E.C) fiscal year in Hawassa.
Speaking on the occasion, the minister pointed out that great achievements were gained in import substitution to ensure trade balance.
The industry’s market share has now reached 39 percent and work is underway to increase it to 60 percent in line with the 10-year national development plan, it was indicated.
According to Melaku, expanding new industries and enabling the ‘Made In Ethiopia’ campaign, substituting imported materials were among the most successful.
A total of 96 products including textile and apparel, skin and hide products, chemical and construction materials, manufacturing technology, and food and beverage products were identified to substitute imports.
Some 248 million USD was saved through import substitution in the 2013 Ethiopian fiscal year and reached 2.8 billion USD in 2016 Ethiopian fiscal year, it was learned.
Moreover, the manufacturing sector registered 10.2 percent growth last year and is planned to grow to 12.08 this fiscal year, as called by ENA.
Source: ENA
