Ethiopia saves 2.7 bln USD through import substitution in 8 months

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.