The Ethiopian Ministry of Trade and Industry says it plans to collect 9 billion USD within the next ten years along with making it into the Top 50 Ease of Doing Business index. The ministry projects that effectively utilizing the export potential of the nation’s manufacturing industry is going to play a key role in the realization of this goal.
Senior Communication Expert at the Ministry of Trade and Industry Shimelis Arega, told Ethiopia Herald that the strategy for implementing this goal is going to include measures that increase quality inspection of export products from 650,000 to 1,058,781 metric tons. The increase is expected to create at least five million new jobs.
The plan also includes increasing the share that the manufacturing industry accounts for in Ethiopia’s economy from 6.8 to 17 percent. An increase in the industry’s average production capacity from 50 to 85 percent is also expected, all of which is going to increase competition in the country.
The African Continental Free Trade Agreement (AfCFTA) is also expected to boost this plan by allowing Ethiopia to export up to 90 percent of its products to signatories.
Shimelis stressed, however, that “priority” products for the next five years are going to take precedence. Some of these products include agro-processing, skin care, textile, construction, basic chemical, pharmaceutical and others listed by the Ministry.
Some of the implementation strategies identified by the Ministry include building information systems, developing research-based marketing chains, improving legal frameworks, and modernizing the ease of doing and starting a business.