In a recent statement, the Ethiopian Manufacturing Industry Development Institute announced that the country’s manufacturing industries have secured a staggering 1.1 billion USD in foreign currency through the production of import substitute products in the last six months of the current fiscal year.
The success is reported to be a result of the collaborative efforts of the manufacturing industries to produce high-quality and high-quantity substitute products. The Institute has also conducted 28 assessments and research to assist industries in engaging in both export and import products.
These problem-solving studies have not only enabled the manufacturing industries to earn foreign currency through import substitute products but also through the export of various products. In the last six months alone, more than 194 million USD has been generated from the export of manufacturing industries’ products.
The “Made in Ethiopia” initiative has played a vital role in this achievement, with import substitute products worth over 1.1 billion USD being manufactured in the first half of the ongoing financial year. The Deputy DG added that this accomplishment was achieved by utilizing only 53 percent of the capacity of the manufacturing industries’ import substitution production, and the sector has achieved more than 100% of its initial plan for the first six months of the current fiscal year.
The Deputy DG also mentioned that more manufacturing industries will be engaged in import substitution on a large scale, as the sector continues to flourish and bring in significant foreign currency for the country.
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