Addis Ababa: Despite the obstacles encountered, Ethiopia has managed to sustain robust economic growth, making it the largest economy in East Africa, Minister of Planning and Development Fitsum Assefa said.
In her explanation about the reforms, the minister highlighted the various hurdles Ethiopia has encountered, including the COVID-19 pandemic, conflict, drought, and global geopolitical pressures.
Despite these obstacles, Ethiopia has managed to sustain robust economic growth, making it the third-largest economy in sub-Saharan Africa and the largest in East Africa, Fitsum added.
Ethiopia has registered average growth rate of 7.1 percent over the past six years, she recalled.
The policy support and investments in the agricultural sector have played a crucial role in advancing our food sovereignty, the minister noted.
For example, Ethiopia has stopped wheat imports by increasing local production and even exporting wheat, which has boosted national income.
Additionally, progress in the manufacturing sect
or has been marked by the launch of the ‘Ethiopia Tamrit’ national movement, which has led to the operationalization of over 395 factories.
Efforts for substituting imported products with domestic products have shown notable success, and achievements in light industries, engineering, and technology manufacturing have been substantial, she added.
Tourism has also seen significant development, with projects such as Dine for Shegar, Dine for Nation, and Dine for Generation improving and creating new tourism destinations, according to minister.
This has opened up new potential for Ethiopia’s tourism sector and significantly contributes to the country’s efforts to become a preferred destination for visitors, she added.
On other hand, the Grand Renaissance Dam (GERD) has significantly increased Ethiopia’s electricity generation by generating power from four turbines.
The corridor development project is transforming Addis Ababa, making it a more attractive destination for conference tourism.
The government has
been implementing various reforms aimed at boosting productivity and competitiveness across various sectors, including agriculture, manufacturing, tourism, and energy.
These efforts are designed to overcome deep-rooted challenges and unlock further potential for economic growth, according to minister.
Source: Ethiopian News Agency