WB President Praises Ethiopia's Industrial Parks

Addis Ababa, August 01/2023 (ENA)  World Bank President Banga, who visited the Bole Lemi Industrial Park in Addis Ababa this morning, has commended Ethiopia's industrial parks, which he said are creating jobs and opportunities for young people, particularly women.

"I would say 90 percent of the employees are probably young women. I think doing that in a way that creates social and economic growth and independence for young women is excellent, and the more we do of this the better off we all are for the future," the president said. 

 

According to him, the World Bank is happy to be associated with industrial parks. 

"I've had the privilege of seeing a lot of interesting developments in Ethiopia since yesterday...  (And) we've seeing a little while ago the barley factory."

This shows the government's efforts to promote the Home-grown Economic Development plan  by sourcing raw materials locally for manufacturing, Banga elaborated.

 

The president pointed out, "I am not actually here to negotiate. I'm here to first of all understand all that has been going on here."

Despite the various challenges Ethiopia has faced in recent years, the economy has managed to come out in relatively good shape, he stated. 

Banga further said that he believes there are many opportunities for Ethiopia to grow its economy, such as by developing value-added manufacturing and attracting more foreign investment. 

Finance Minister Ahmed Shide echoed the praise for the industrial parks, saying the government is committed to working with the World Bank to further diversify the country's economy and attract more private investment, he added.

The minster pointed out that Ethiopia is committed to peace and stability in the region, adding that the country is "a regional anchor for stability and regional unity."

Ahmed added that the Bank is the biggest long-term development partner with Ethiopia, involving with many sectors, whether it is infrastructure and social development or digital development and regional integration as well. 

The minister also said the Government of Ethiopia is "going to work with the World Bank in diversifying the source of growth and in bringing more private capital into the economy."