Ethiopia has attempted to increase local investor participation in the country’s private sector – through the development of new rules and frameworks – in order to promote industry, boost the economy, and drive socioeconomic development. Various economists, including Amanyhun Reda, a trade and investment counselor, and Yared Haile-Meskel, Managing Director of YHM Consulting, have stated that the government’s involvement will foster economic growth and provide opportunities for local development.
The government has set a goal of increasing the mining sector’s contribution to GDP from 3% to 10% by 2030, by removing barriers to local investment, with a particular focus on minerals such as potash, which is used in agriculture and construction, rather than those utilized in the artisanal industry. Ethiopia’s incapacity to develop and utilise its natural resources, according to Haile-Meskel, has stopped the country from laying the groundwork for general development, pointing out that large-scale domestic investment has the potential to propel the country’s industrialization.
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