Addis ababa: The Ministry of Industry has set a target of generating 1 billion USD in manufacturing export earnings during the 2019 Ethiopian Fiscal Year, following a significant increase in export performance that saw revenues reach 607 million USD in the recently concluded fiscal year.
According to Ethiopian News Agency, Industry Minister Melaku Alebel stated that the government has prioritized the manufacturing sector as one of the five key pillars to transform the country's economy. He emphasized the remarkable efforts over the past five years of reform to expand the sector's contribution and ensure it secures a significant share of the national economy.
The minister revealed that manufacturing export earnings have risen from 385 million USD before the launch of the 'Made in Ethiopia' initiative to 607 million USD in the 2018 Ethiopian Fiscal Year. This growth reflects the impact of government reforms aimed at strengthening the manufacturing sector, improving production capacity, and expanding Ethiopia's presence in international markets.
Minister Melaku added that the government is committed to building on these achievements and reaching the 1 billion USD manufacturing export target under the leadership of Prime Minister Abiy Ahmed. He acknowledged the progress made, noting that export earnings have almost doubled compared to the previous fiscal year, though challenges remain.
Melaku highlighted the sector's progress in job creation, with annual employment increasing from about 162,000 at the beginning of the reform program to more than 433,000 currently. He stressed the importance of expanding exports for Ethiopia's long-term economic transformation and competitiveness.
The government has prepared a new manufacturing export strategy based on Ethiopia's production potential, market opportunities, and international best practices to accelerate export growth. The minister called on government institutions, manufacturers, and other stakeholders to use the strategy as a roadmap for expanding exports, attracting investment, creating jobs, and improving the competitiveness of Ethiopian products.
The recognition program aims to honor manufacturers with outstanding export performance and encourage more industries to strengthen their competitiveness in international markets. Reaffirming the government's commitment, Melaku assured that manufacturers and exporters will continue to receive policy and institutional support to increase production and expand access to foreign markets.
The forum reviewed the manufacturing export performance of the 2018 Ethiopian Fiscal Year, discussed the 2019 export plan and the new manufacturing export strategy, identified policy and implementation gaps, explored ways to strengthen public and private sector collaboration, and recognized manufacturers that recorded outstanding export performance. The event was attended by state ministers, senior officials from the Ministry of Industry and affiliated institutions, manufacturing exporters, private sector representatives, development partners, and other stakeholders.