ADDIS ABABA, March 28 (Xinhua) -- Ethiopia has substituted 2.7 billion U.S. dollars worth of imported products with locally produced commodities during the first eight months of the current fiscal year, which began on July 8, 2024, the state-run Ethiopian News Agency reported on Friday.
Ethiopia's import substitution strategy has gained momentum, with 96 key foreign products identified for substitution with locally produced commodities, Tarekegn Bululta, Ethiopia's state minister of industry, was quoted as saying.
He said the government has placed strategic emphasis on import substitution, aiming to reduce dependence on foreign products, ease foreign currency shortages, create substantial job opportunities, and ensure that citizens have access to affordable goods.
Bululta said the country managed to produce 2.8 billion dollars worth of substitute goods during the last fiscal year ending on July 7, 2024. He added that the market share of domestically produced goods is expanding, now exceeding 43 percent.
The government has been working closely with relevant stakeholders to produce 3.9 billion dollars worth of import substitute goods by the end of the current fiscal year.
Ethiopia, under its 10-year development plan from 2021 to 2030, aims to increase the production of various domestically made commodities, including cement, sugar, textile, vehicles and heavy-duty trucks, to reduce the volume of imported goods.
