Policy Reform Empowering Agri-Exporters to Increase Foreign Currency Earnings: State Minister

Addis Ababa: The targeted support for private agricultural investments and the recently implemented macroeconomic policy reform will empower agricultural product growers and exporters, Agriculture State Minister Sophia Kassa said.The state minister told ENA on the side lines of the Ethiopian Agricultural Investment Forum that conducive environment has been created for private sector investment in the agriculture sector.Government institutions, including the Ministry of Agriculture, the Ethiopian Investment Commission, and the Development Bank of Ethiopia, support investment in agriculture, she added.'The new measures have greatly stimulated, especially exporters, to generate more revenue and we will see the result in the near future,' Sophia stated.According to her, the new macroeconomic reform catalyzes investment especially in agricultural production and export.'We are creating a more favorable environment for both domestic and foreign investment in agriculture.'The state minister noted that Eth iopia's abundant water resources, fertile soil, human resources, enabling technologies and supportive government policies create a compelling investment climate in the agriculture sector.'We have the ecology to cultivate all agricultural products. We have water, soil; and we have the capacity to produce by integrating the human resource and some technologies.'The government has been actively providing land, incentives, finance, and technical assistance to encourage private sector participation in the sector.'When the private sector engages in this agriculture sector we have land supply in many regions, investors are very much encouraged and supported by government institutions. The Development Bank of Ethiopia has started lending to projects in agriculture. The ministry of Agriculture also provides technical support including coordinating extension support.'Therefore, we invite investors to harness Ethiopia's agricultural potential, Sophia stated, adding that smallholder farmers can also play a vital role in achieving food security and boosting the economy.Meanwhile, at the exhibition organized along side the forum were displayed products and technology, including tractors, combine harvesters, specialized seeds, and organic fertilizers.One of the participants, Getish Desta of the Afriflower praised the government's recent decision to release 100 percent of foreign currency earnings, creating a stimulating environment for investment and attracting investors.'Previously only 50 percent of the USD was released. Now, the government gives all the money. This is a big stimulation for investment. It also attracts investors. All in all the government has taken decisive measures to solve problems and attract investors.'YBM Trading Manager Teferi Amena highlighted his company's role in processing avocados from thousands of farmers and generating hard currency through agro-processing.He emphasized the benefits of operating in government-supported industrial parks with complete infrastructure.The forum an d the exhibition are timely and crucial for showcasing Ethiopia's agricultural potential to domestic and foreign investors as the country implements economic reforms to address challenges, boost manufacturing and exports.Source : Ethiopian News Agency