Nation Preparing to Ink Wheat Export Deals Valued 200 Million USD - ENA English
Nation Preparing to Ink Wheat Export Deals Valued 200 Million USD
Addis Ababa February 13/2023/ENA/ Ethiopia is making preparations to sign a contract agreement to supply 200 million USD worth of wheat to organizations, including the World Food Program, which will buy in the first round, Minister of Finance, Ahmed Shide disclosed.
The country, which has been producing wheat for local consumption and export trade for the past few years, has officially launched its wheat export program on Sunday in the presence of Prime Minister Abiy Ahmed.
Ethiopia’s start of wheat export by substituting its wheat import through local production demonstrates its Home Grown Economic Reform has begun registering great success in the agriculture sector.
Finance Minister, Ahmed Shide told ENA that the wheat production in Ethiopia has been effective in accordance with the plan set for agriculture by the government four years ago.
The minister noted that Ethiopia has written a new history by exporting wheat for the first time beyond covering its domestic consumption.
Accordingly, the ministry is preparing to sign a contract to supply 200 million USD worth of wheat to non-governmental organizations, including the World Food Pogram, which will buy wheat in the first round, Ahmed said.
This is of great benefit in generating foreign currency for the country, he added.
Trade and Regional Integration Minister, Gebremeskel Chala on his part said Ethiopia was unable to fulfill its domestic wheat consumption two years ago.
But following the success achieved in covering the domestic demand with own capacity last year, the minister said, the huge wheat production has resulted in surplus to start export this year.
Ethiopia has never produced wheat of this amount in dry season through irrigation with a target to cover domestic consumption and export the surplus in thousands of years.
Ethiopia has planned to harvest more than 52 quintal of wheat by developing 1.3 million hectares of farmland through irrigation during the current fiscal year.
The current wheat production in Ethiopia has been expected to show a surplus of 32 million quintal from the country's domestic consumption, it was learned.
A contract of three million quintal has already been signed with six countries including Kenya and Sudan that are interested to buy Ethiopia's wheat this year.
The move is expected to improve regional integration in addition to its contribution to boosting Ethiopia's export earnings.