SMEs Play Vital Role in Ethiopia’s Economic Growth, Says WIPO Acting Director.

ADDIS ABABA: Small and Medium Enterprises (SMEs) are crucial to Ethiopia's economic growth, as highlighted by Loretta Asiedu, Acting Director of the World Intellectual Property Organization (WIPO) Division for Africa. Speaking at a national workshop focused on intellectual property (IP) for innovative and competitive SMEs, Asiedu emphasized the importance of innovation and creativity in driving economic progress.According to Ethiopian News Agency, the two-day workshop currently underway in Addis Ababa aims to provide practical insights into identifying, managing, and commercializing IP assets. Asiedu noted that SMEs are often the backbone of many economies worldwide, contributing significantly to job creation, technological advancement, and sustainable development. She also highlighted their role in reducing poverty, narrowing inequality, and creating decent employment opportunities.Asiedu stressed the undeniable role of IP in fostering growth, creativity, and competitive advantage for SMEs. By protecting innovations, SMEs can attract investment and expand their market access both locally and globally. In Ethiopia, SMEs have immense potential across various sectors, from textiles to technology. Understanding the strategic importance of IP can help them protect their innovations and broaden their market reach.Ethiopian Intellectual Property Authority (EIPA) Director General Woldu Yemessel also addressed the workshop, noting that countries with high-level growth, such as Japan, Taiwan, and South Korea, have relied heavily on SMEs for economic development. He pointed out that Ethiopia's current phase of homegrown economic reform provides a favorable environment for SMEs to transform the economy. By entering the intellectual property system, SMEs can enhance market competition, secure financial support, improve quality, and add value to their products and services.The workshop is organized by the World Intellectual Property Organization in collaboration with the Ethiopian government, with support from the Japa n Patent Office and the Ethiopian Intellectual Property Authority.