- Ethiopia Aims for $5B Each in Export and FDI Under Reform Agenda
- Reforms Seek 1.5 Trillion Birr Revenue and 4 Million New Jobs
President Taye Atske Selassie on Monday outlined Ethiopia's plans for sweeping economic reforms and ambitious growth targets, seeking to address lingering challenges around inflation and trade imbalances.
Addressing the opening of parliament, Taye highlighted 6.9 percent agricultural growth and 9.2 percent industrial expansion recorded in the previous fiscal year. Foreign currency inflow reached over 21.5 billion dollars last fiscal year and foreign direct investment grew 13.8 percent to 3.9 billion dollars, he said. Â
However, "we are carrying out various activities to control inflation from both the demand and supply sides," the president acknowledged, signaling ongoing problems.
At the core of the government's agenda is a package of macroeconomic reforms aimed at boosting competitiveness and exports, attracting more investment, and sustainably solving debt issues.
Reforms will create a conducive environment to legalize previously informal currency transactions and strengthen foreign exchange management, according to Taye. This seeks to create a favorable environment for investors.
If successful, the targets for the coming fiscal year include 8.4 percent economic growth, 1.5 trillion birr in government revenue, and over five billion dollars from export and FDI. Four million new jobs are envisaged, with 700,000 abroad.