Institute Sets to Gain 1.3 bln USD in 10 Yrs from Exporting Chemicals, Construction Inputs - ENA English
Institute Sets to Gain 1.3 bln USD in 10 Yrs from Exporting Chemicals, Construction Inputs
Addis Ababa December 10/2020 (ENA) Chemical and Construction Inputs Industry Development Institute plans to gain close to 1.3 billion USD in the coming 10 years from exporting chemicals and construction inputs.
This was disclosed during a half-day consultative meeting held today with stakeholders aimed at promoting import substitution and export of chemical and construction inputs.
According to the institute, some 100 million USD was gained from exporting chemicals and construction inputs in the last 5 years with an annual average of 19.1 million USD.
Some 39.2 billion birr worth chemical and construction inputs are produced in Ethiopia annually.
In his opening remark, Trade and Industry State Minister, Misganaw Arega said due emphasis is given towards creating global competitiveness of the sector.
He added that the government is prioritizing private sector involvement and playing its significant part since demand for chemicals and construction inputs has been increasing over the years.
The state Minister stresses the need to enhance products in terms of quality, price and volume so as to unleash the huge potential of the African Continental Free Trade Area (AfCFTA).
Misganaw further pointed out that the import substitution and promoting export will play paramount role in hugely reducing the foreign currency loss on imported inputs.
Moreover, he highlighted that the construction industry will create massive job opportunities.
Director-General of the Institute, Samuel Halala said on his part that government focus in realizing an export-led economy, which chemicals and construction inputs production is among the manufacturing sector.
Works are underway to enhance the capacity and competitiveness of the sector, he said, adding that the private sector needs to actively involve and unleash the untapped potential.