Ethiopia: Minister of Industry Urges Stakeholders to Provide Efficient Services to Manufacturing Sector
Addis Ababa, — Stakeholders highlighted that efforts are being expended to provide efficient services and support to help the manufacturing sector thrive.
On the sideline of the 3rd Made in Ethiopia Expo, stakeholder’s discussions on pertinent issues to the manufacturing sector has continued.
The president of the Commercial Bank of Ethiopia (CBE), CEOs of the Ethiopian Shipping and Logistics and deputy commissioner of the Ethiopian Customs among others conducted the discussion.
During the occasion, Industry Minister Melaku Alebel urged participants to have productive discussions as part of making concerted efforts for the Made in Ethiopia initiative to thrive.
President of the Commercial Bank of Ethiopia (CBE), Abe Sano pointed out that macroeconomic reforms have improved banks’ foreign exchange earnings to distribute to the manufacturing sector.
This growth in hard currency is essential to bolster industry expansion and investment, encouraging increased production, and ultimately leverage the country’s overall economic progress.
He also mentioned that the manufacturing sector is receiving hard currency according to set priorities, with the CBE allocating over one billion USD for the sector.
With enhanced prospects for long-term loans, he stated that the CBE continues to provide an interest rate of about 16%.
He also highlighted a substantial opportunity for banks to raise the manufacturing industry’s competitive edge through the provision of foreign currency financing.
He noted that the availability of foreign currency financing in this Ethiopian fiscal year has risen by 12 percent, emphasizing that the financial backing for the manufacturing sector will persist and expand.
Beriso Amelo, CEO of the Ethiopian Shipping and Logistics on his part stated that the national logistics policy and strategy aim to simplify processes for the manufacturing sector while enhancing efficiency and effectiveness.
Deputy Commissioner of Customs, Azezew Chanie on his part said the commission has streamlined procedures via an electronic window platform, which has cut down turnaround times, and increased efficiency, offering services around the clock.
Ayana Zewdie, the National Coordinator of Made in Ethiopia Initiative at the Ministry of Industry, stressed the government’s dedication to establishing a favorable environment for the thriving of the manufacturing sector.
“The government is enhancing customs and logistics functions to support manufacturers in becoming more competitive, generating employment, and increasing prosperity through the introduction of One Stop Services in Industry Parks and Zones. Collaborating with universities and development partners has enabled the substitution of $10 billion worth of goods domestically through the Ethiopia Tamrit initiative over the past three years. “
According to participants, many challenges in government service delivery systems have been significantly mitigated this year.
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