Pivotal Role of Import Substitution of Basic Products Stressed

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Addis Ababa September 7/2021 (ENA) Economists stated that substituting imported basic goods with local products to withstand the economic burden is imperative.

Drastically reducing imported luxury good is also necessary, they added.

The tremendously huge import of Ethiopia vis-a-vis its export have apparently resulted in  economic burden.

Kilimanjaro Training and Consulting Managing Director, Addis Kassahun said empowering local manufacturers will help to improve the livelihood of many citizens.

Focusing on import substitution of basic goods and saving foreign currency is key, he said, adding that the government should therefore give due attention to encouraging local industries.

The managing director pointed out that citizens also need to strengthen the culture of buying domestic products.

The market could stabilize if the government helps local manufacturers to boost local products, Addis noted, adding that it should also subsidize some necessary products.

The economist Costentinos Biruhtesfa said on his part that import substitution is key to alleviate the shortage of foreign currency.  

He added that domestic products could be boosted by supporting big investors to join the capital system, especially those engaged in big agricultural investment.

Costentinos lauded the big role the Home Grown Economy played to alleviate problems that hinder import substitution.