What is being done to update the business

A lot of trades are going on in the world market. Food, clothing, spare parts, oil, jewelry, wine, tourism, banking, consulting and transportation services are some of the products and services that are widely traded in the international market. They are referenced.

According to the World Bank’s annual report, our country ranks 159th out of 190 countries in terms of Ease of doing business. Undoubtedly, this low performance is a major challenge to attract foreign investment and create a competitive trading system in the global market.

Large-scale activities are underway to modernize and make the business sector competitive in our country. The Prime Minister’s Office, for example, is paying special attention to the issue by establishing a String Committee and contributing to its work.

The FDRE Ministry of Trade and Industry is undertaking a number of changes, with the Prime Minister’s Office being tasked with leading the sector.

One of the changes the ministry has made to make the sector more modern and competitive is the online business registration and licensing system. It is to be recalled that the service was inaugurated by the Minister of Trade and Industry, Ato Melaku Alebel on January 30, 2013.

The implementation of this service will enable any business community in any part of the world to access business services using a mobile phone or computer.

This is believed to have a significant impact on modernizing the trading system in the national, regional and international markets.

It is well known that there are already many bureaucracies in the government to start and operate a business. It is clear that these boring and boring bureaucrats have hindered the growth of new investments and the success of existing ones.

The government has made improvements to address this major challenge. Among the amendments was the cancellation of the 15-day period for announcing or announcing a trade name and company name in a newspaper; Failure of the required association stamp, business address verification or place of business, map of the house, lease approved by the Certification Authority, or letter of support from the kebele administration; The 7-day period for obtaining a cash register machine has been shortened to 3 days; The approval of the bylaws and bylaws issued by the Document Certification and Registration Agency was delegated to the Ministry of Trade and Industry; The issuance of the tax identification number issued by the Ministry of Revenue on behalf of the Ministry of Trade and Industry and its subsequent structures has been reduced from 11 processes to 4 processes and 5 days from an average of 32 days.

Despite these amendments, the proclamations, which had been implemented in the past and have seen many ups and downs, have now been replaced by proclamations.

The distance traveled by the ministry to modernize the business system has laid a good foundation and will improve the country’s competitiveness. There is still a long way to go in terms of accessibility and the sector needs to work in coordination with the Ministry.

There is a need to work together to modernize and make the business sector more competitive.

Source: Ministry of trade and industry