https://en.sputniknews.africa/20230520/ethiopia-saves-19-billion-by-replacing-imports-1059365184.html
Ethiopia Saves $1.9 Billion by Replacing Imports
Ethiopia Saves $1.9 Billion by Replacing Imports
Sputnik Africa
Ethiopia managed to economize $1.9 billion by switching out imported items within a nine-month period of the current fiscal year, country’s Minister of Industry, Alebel Melaku told media.
2023-05-20T13:16+0200
2023-05-20T13:16+0200
2023-08-03T10:44+0200
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Ethiopia managed to save $1.9Bln by switching out of imported items within a nine-month period of the present fiscal year, the country’s Minister of Industry, Alebel Melaku, told the media.Melaku noted that the manufacturing sector has made significant progress, increasing production capacity to 53% from 46% during this period, and achieving 96% of their planned targets, reports say. At the same time, he said that through measures being undertaken to achieve replacement of imports, the government was able to make import products in the manufacturing sectors and managed to save almost $1.9Bln over the course of the financial year's first nine months.He argues that certain sectors have begun to sell some of their goods to foreign countries. He added that particular focus will also be paid to identifying imported goods and substituting them with local ones. The market share of the manufacturing industry, which stood at 30% at the start of the decade-long Prospective Plan, is expected to reach 34% this fiscal year.Furthermore, the agricultural industry, which has a goal to expand by 6% a year for the next 10 years, is in a position to achieve 6.3% for this financial year, Girma Amente, the Minister of Agriculture, said. He also noted that the country has been able to entirely replace wheat and beer grains as a result of the attempts underway to replace imported agricultural items. He continued by saying that local goods have replaced approximately 50% of Ethiopia's imports of rice and that work would be done over the next three years to make Ethiopia self-sustaining in the cultivation of rice.According to Ethiopia's Minister of Revenues, Aynalem Nigussie, 98% of the objectives were accomplished in the previous nine months through the collection of domestic and international tax, and positive outcomes were attained. She said that the national development demands of the African nation are rapidly expanding and that improving income output will aid in meeting these needs more effectively. In addition to completing the plan, future operations will be reinforced by utilizing technology, enhancing the provision of services, raising public awareness among taxpayers, and adhering to the law.Since Ethiopia has its own calendar (the Ethiopian сalendar), the government estimated economic indicators for the period from September 2022 to May 2023.
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$1.9 billion, third-quarter, performance assessment, current fiscal year, fiscal year, east africa, african continent, african country, african nation, in ethiopia, is currently, under review, ministry of agriculture, ministry of revenues, and ministry of industry, financial year, economic growth, developing economy, developing economies, vladimir putin, financial year
$1.9 billion, third-quarter, performance assessment, current fiscal year, fiscal year, east africa, african continent, african country, african nation, in ethiopia, is currently, under review, ministry of agriculture, ministry of revenues, and ministry of industry, financial year, economic growth, developing economy, developing economies, vladimir putin, financial year
Ethiopia Saves $1.9 Billion by Replacing Imports
13:16 20.05.2023 (Updated: 10:44 03.08.2023) The third-quarter performance assessment for the present fiscal year in Ethiopia is under review. Representatives from the Ministry of Agriculture, Ministry of Revenues, and Ministry of Industry have said that the sectors are on track to meet their annual targets based on their performance over the first nine months of the fiscal year.
Ethiopia managed to save $1.9Bln by switching out of imported items within a nine-month period of the present fiscal year, the country’s Minister of Industry, Alebel Melaku, told the media.
Melaku noted that the manufacturing sector has made significant progress, increasing production capacity to 53% from 46% during this period, and achieving 96% of their planned targets, reports say.
At the same time, he said that through measures
being undertaken to achieve replacement of imports, the government was able to make import products in the manufacturing sectors and managed to save almost $1.9Bln over the course of the financial year's first nine months.
He argues that certain sectors have begun to sell some of their goods to foreign countries. He added that particular focus will also be paid to identifying imported goods and substituting them with local ones. The market share of the manufacturing industry, which stood at 30% at the start of the decade-long Prospective Plan, is expected to reach 34% this fiscal year.
Furthermore, the agricultural industry, which
has a goal to expand by 6% a year for the next 10 years, is in a position to achieve 6.3% for this financial year, Girma Amente, the Minister of Agriculture, said.
He also noted that the country has been able to entirely replace wheat and beer grains as a result of the attempts underway to replace imported agricultural items. He continued by saying that local goods have replaced approximately 50% of Ethiopia's imports of rice and that work would be done over the next three years to make Ethiopia self-sustaining in the cultivation of rice.
According to Ethiopia's Minister of Revenues, Aynalem Nigussie, 98% of the objectives were accomplished in the previous nine months through the collection of domestic and international tax, and positive outcomes were attained. She said that the national development demands of the African nation are rapidly expanding and that improving income output will aid in meeting these needs more effectively.
In addition to completing the plan, future operations
will be reinforced by utilizing technology, enhancing the provision of services, raising public awareness among taxpayers, and adhering to the law.
Since Ethiopia has its own calendar (the Ethiopian сalendar), the government estimated economic indicators for the period from September 2022 to May 2023.
