Ethiopia replaces imports and saves USD 2.7 billion in just eight months

The state-run Ethiopian News Agency said Friday that over the first eight months of the current fiscal year, which started on July 8, 2024, Ethiopia has replaced 2.7 billion dollars’ worth of imported goods with domestically produced goods.

According to Tarekegn Bululta, Ethiopia’s state minister of industry, the country’s import replacement policy has accelerated, with 96 important imported goods selected for substitution with domestically produced goods.

According to him, the government has strategically prioritized import substitution in an effort to lessen reliance on imported commodities, alleviate currency shortages, generate significant employment possibilities, and guarantee that citizens can purchase items.

According to Bululta, the nation produced substitute goods valued at 2.8 billion dollars in the most recent fiscal year, which concluded on July 7, 2024. Domestically manufactured commodities currently account for more than 43 percent of the market, he noted.

To create 3.9 billion dollars’ worth of import-substitute goods by the conclusion of the current fiscal year, the government has been collaborating closely with pertinent stakeholders.

In order to decrease the amount of imported goods, Ethiopia plans to expand the production of a number of domestically produced commodities, such as cement, sugar, textiles, cars, and heavy-duty trucks, as part of its 10-year growth plan from 2021 to 2030.