Ethiopia Working Enhance Private Sector Engagement in Economy: PM

Addis Ababa January 23/2019 Prime Minster Abiy Ahmed said that Ethiopia is working to enhance the engagement of the private sector in order to ensure more inclusive and socially sustainable growth.

Speaking at the World Economic Forum in Davos, Switzerland, the Premier said that bringing vitality to the economy is part of the sweeping reforms that the country has been undertaking.

The Premier elaborated to the Forum that the economic reform is aimed at leveraging the collective power of Ethiopians specially, women and youth.

“Build the private sector to drive more inclusive and socially sustainable development is crucial. We cannot hope to progress as a nation if we disqualify half of our population from full and equal participation,” he indicated.

Mentioning that Ethiopia is a potential large market due to its population, over 100 million people, and a huge investment potential, Abiy called on investors from across the world to invest in Ethiopia.

Noting that Ethiopia is among the fastest growing economies in the world, consistently over nine percent of average growth, Abiy said poverty has been halved and education enrolment has markedly increased.

However, sustaining the growth and creating sufficient amount of jobs for a rapidly expanding young population, have become a challenge.

Noting that the country has high unemployment rate, the Prime Minister said the core objective of the economic reform is sustaining fast economic growth that will create “more and better” jobs.

Referring to the over 100 million population of the country, in which 60 million of its population is under the age of 24, PM Abiy said that his government is striving to harness this potential.

“We have to invest in the aspirations of our youth by improving educational standards and creating fresh opportunities through careful planning and strategic repositioning,” he stated.

This requires improving engagement of the private sector and enhancing their capability.

Enhancing capacity of small and medium enterprises, privatizing public owned enterprises, and strengthening Public Private Partnership will be conducted.

Through these activities, Ethiopia will work to make the private sector an integral part of the country’s economy, Abiy said.

Ethiopia has been introduced a sweeping reforms since Prime Minister Abiy Ahmed took office in April 2018.