Ministries Set to Foster Import Substitution of Industrial Inputs - ENA English
Ministries Set to Foster Import Substitution of Industrial Inputs
Addis Abeba (ENA) july 14/2020 Ministry of Trade and Industry and Ministry of Mines and Petroleum launched an integrated plan to steadily substitute the extensive importation of industrial inputs by home-produced ones.
In a presser the ministries held yesterday, Trade and Industry Minister, Melaku Alebel said the integrated plan enables to gradually substitute the broad importation of industrial inputs, which has been costing the country millions of dollars every year on top of the chronic forex crunch.
Ethiopia imports over 70 percent of construction inputs, the minister pointed out, adding that it spends 850 million USD for iron and steel, and 950 million USD for chemicals and constructional inputs per annum respectively.
As cement factories which fully started using coal energy were able to save 220 million USD a year, the ministry has planned to fully substitute marble and granite imports with domestic products in the next Ethiopian fiscal year, according to Melaku.
Mines and Petroleum State Minister, Kuwang Tutlam said that manufacturing industries stalled due to various reasons could get the chance to resume production during the implementation of the integrated plan to supply industries with domestic inputs.
The plan would enable the country to exploit the economic benefits of the resources identified through studies in an integrated way, he added.
The plan to supply locally mined inputs to the manufacturers would create job opportunities across the country, it was indicated.