Ethiopia's Tamirt programme saves $2.2bn through import substitution
In the past 10 months, 129 heavy industries have been operational after new investments were made in the sector. The program played a vital role in the realisation of this programs.
Ethiopian Tamirt, an initiative programme launched by the Ethiopian government aimed at boosting local production to reduce reliance on imports, through the Ministry of Industry, has presented its ten-month report.
The substitution of imported goods with domestic products has led to the realisation of significant savings in foreign currency.This realisation has been made possible by the Ethiopian Tamirt, as it is encouraging the use of local products.
More To Read
- WFP: Funding shortfall forces halt to malnutrition treatment programmes in Ethiopia
- Over 10 million Ethiopians face hunger as WFP warns of aid cuts amid funding crisis
- AI research group warns social media hate speech risks reigniting Ethiopia-Eritrea war
- East Africa Trade Corridor forum seeking to boost regional trade opens in Addis Ababa
Over the past 10 months, Ethiopia has significantly reduced imports, successfully substituting $2.2 billion worth of products with locally made goods.
Industry Minister Melaku Alebel reported an impressive 10.1 per cent growth in the sector, suggesting the country is on track to achieve a total growth rate of 7.9 per cent by the end of the fiscal year. The “Ethiopia Tamirt” programme, which promotes the purchase of local products, has played a crucial role in this achievement
In only a month, Ethiopia has managed to save $0.3 by substituting imported goods with domestic products. At the end of May 2024, the ministry reported that products worth 3.1 billion birr were substituted with 2.2 metric tonnes locally produced.
According to the report, $1.9 has been saved by meeting the demands of domestic products over imported ones. This was a report given by the ministry at the end of 9 months.
Additionally, industries that had stopped production due to one reason or another, were revived by the “Ethiopian Tamirt”.
In the past 10 months, 129 heavy industries have been operational after new investments were made in the sector. The program played a vital role in the realisation of this programme.
Moreover, the industry is expected to grow by 12.8 per cent in the upcoming 2024–25 Ethiopian Fiscal Year, which begins next July.
Before you go, how about joining our vibrant TikTok and YouTube communities for exciting video stories?
TikTok: Click here. YouTube: Click here.
Top Stories Today
