July 19, 2024

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Ethiopian minister praises Ethiopia Tamirt initiative

“Ethiopia Tamirt” Program Drives Import Substitution Save $2.2B

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The Ethiopian Ministry of Industry presented its 10 months report. The Ministry of Industry confirmed that significant savings in foreign currency have been achieved through the substitution of imported goods with domestic products. The “Ethiopia Tamirt” program is encouraging Ethiopians to use local products.

Ethiopia has done well in reducing the amount of imports and successfully substituting $2.2 billion worth of products over the past 10 months. Ethiopia substituted these products with those made in Ethiopia. Industry Minister Melaku Alebel highlighted the sector’s impressive 10.1% growth, indicating that the country is on track to achieve a total growth rate of 7.9% by the end of the fiscal year. The “Ethiopia Tamirt” program, which encourages people to buy local products, has been very helpful in achieving this success.

Whereas, at the end of May 2024, the Ethiopian ministry shared its 9 months report and confirmed that an estimated 2.2 metric tons of various products worth 3.1 billion birr have been substituted with locally produced alternatives. According to the report, he has managed to save $1.9 billion by meeting the demand for domestic products instead of imports.

So, in one month, Ethiopia has saved $0.3 billion by substituting imported goods with domestic products.

In the past 10 months, 129 heavy industries have started operating after new investments were made in the sector. Additionally, industries that had stopped production due to various reasons were revived under the “Ethiopia Tamirt” initiative, resulting in increased production capacity. The “Ethiopia Tamirt” movement played a key role in achieving these results.

During this period, the country substituted $2.2 billion worth of imported products with local goods. Moreover, the industry sector is expected to grow by 12.8% in the upcoming 2024-25 Ethiopian Fiscal Year, which begins next July.

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