Ethiopia’s Macroeconomic Reform Fosters Country’s Business Environment

Addis Ababa: Ethiopia has undertaken significant macroeconomic reforms to foster a more favorable business environment, Minister of Agriculture Girma Amente said.The Embassy of India in Addis Ababa, along with the Ministry of Agriculture released today a report on market study on Export Opportunities for Oil Seeds, Pulses, Cotton, Gemstones and Coffee from Ethiopia to India.The study is expected to play a crucial role in understanding the opportunities and addressing the challenges to enhance Ethiopia's agriculture exports to India, it was indicated.It is also believed to identify strategic opportunities to boost trade performance between Ethiopia an India.Minister of Agriculture Girma Amente said on the occasion that this study represents a significant milestone in the ongoing partnership to enhancing bilateral trade relations and exploring new economic growth avenues between the two countries.In 2022, Ethiopia's bilateral trade with India reached an impressive 2.8 billion USD, marking a strong and expanding partnership, he said, adding however, our exports to India, totaling 80 million USD, indicates substantial room for growth.Hence, this study provides a thorough analysis of Ethiopia's production and export landscape for key commodities - oilseeds, pulses, cotton, and coffee and identifies strategic opportunities to boost our trade performance, Girma underscored.Moreover, he added Ethiopia has made significant macroeconomic reforms in an effort to foster the country's business environment."Our newly reformed agricultural policies are aimed at improving productivity, enhancing value chains, and expanding market access for farmers and producers."Notably, Ethiopia has liberalized commodity exports, allowing foreign companies to purchase directly from Ethiopian farmers and processors, according to the Minister.Girma further noted that the new study has confirmed that Ethiopia's exports of oilseeds, pulses; cotton and coffee to India can be significantly expanded by leveraging the strengths and addressing existing barriers.Indian Ambassador to Ethiopia, Anil Kumar on his part said this report underscored the shared commitment of fostering stronger economic ties and mutual cooperation between the two countries.The findings of this study highlighted the vast opportunities for expanding the bilateral trade, particularly in the agricultural sector, he elaborated."With India's growing demand for high-quality agricultural products and Ethiopia's rich agricultural sector, there is a natural synergy that can be harnessed for the benefit of both countries."Hence, this report provides a detailed analysis of key commodities with export potential, market trends, regulatory frameworks, and logistical aspects. It also serves as valuable resource for stakeholders in both countries, including policymakers, the ambassador added.He reiterated that the embassy is committed to promoting and facilitating increased bilateral trade.Source: Ethiopian News Agency