Ethiopia’s Macroeconomic Reform Enhances Trading System, Addresses Demands of Businesses: Adem Farah
Addis Ababa: Ethiopia’s full implementation of macroeconomic reforms has significantly enhanced the country’s trading system, providing a more favorable environment for businesses, Democratic System Building Coordination Center Head with the rank of Deputy Prime Minister, Adem Farah remarked.
Speaking at the official inauguration of the Ethiopian Export Trade Exhibition Center today, Adem emphasized the positive impact of the reforms on the business community.
The government is committed to practical and sustainable export trade reforms, especially to expand its base, promote and create conducive environment in the sector, he reassured.
“The full implementation of macroeconomic reform has created a favorable trading environment that addresses the needs of businesses,” Adem stated.
Therefore, he urged businesses to capitalize on these favorable conditions to expand their operations, increase competitiveness, and contribute to Ethiopia’s sustainable economic growth.
Creating reformed and favorable trading
condition is a major strategic goal of the Home Grown Economic Reform policy and the national 10-year development plan, he noted.
For favorable trade environment and sustainable growth, improving infrastructures and connection, revising law frameworks, facilitating bureaucracies, reducing barriers, and introducing effective administration are strategic directions of development, Adem explained.
According to him, the government, among others, expects major strategic results, including competitive domestic market, swift supply and trade chain that enable to assist interactions of customers and producers, improving export competition and performance from the trade reform measures.
He also expressed the government’s commitment to support the Ministry of Trade and Regional Integration in its efforts to join regional and global trade organizations and implement bilateral and multilateral agreements.
Minister of Trade and Regional Integration, Kasahun Gofe for his part highlighted the ministry’s commitment to mo
dernizing the trade sector through policy reforms and infrastructure development.
The Ethiopian Export Trade Exhibition Center, a joint initiative between the ministry and the private sector, is a tangible example of this commitment, he emphasized.
According to him, the Home Grown Economic Reform policy has been instrumental in streamlining trade and investment procedures.
By eliminating restrictions on foreign investor participation in import-export, wholesale, and retail sub-sectors, the government has created a more open and competitive business environment, he pointed out.
Furthermore, the ministry has introduced innovative technologies to modernize the trade system, including digital fuel payment system and online business registration and licensing services, he added.
‘The recent foreign currency administration reform, a key component of the Home Grown Economic Reform policy, is unique in its positive impact and addressing the demands of the business community,’ Kasahun said.
The recent foreign cu
rrency administration reform creates positive impact by addressing longstanding challenges and eliminating illegal activities in the sector, he added.
Source: Ethiopian News Agency