Ethiopia to Double Export Earnings from Manufacturing SectorThe Ethiopian Trade and Industry Ministry has formulated a strategy for export-oriented manufacturing sector, which will help double the contribution of the industrial sector to export earnings within the next five years, according to local press reports on Monday.The ministry plans to hoist foreign exchange earnings from the manufacturing sector to 20 percent from its present coverage of less than 10 percent, Kassahun Ayele, Minister of Trade and Industry was quoted as saying. The government is taking various measures to bolster the sector, particularly to encourage the export trade of industrial products, by tackling hindrances in policy, finance and market, he said. He also pointed out that lack of advanced technology, human resource and adequate capital are major impediments hampering growth in the manufacturing sector. The unfavorable policies and tax system, including the difficulty to secure land and the attitude of consumers towards local products, are the main factors contributing to slowing down the development of the sector, the minister noted. The government is planning to put in practice long and short- term projects to overcome the shortcomings, Kassahun added. |
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