Ethiopia Prepares Policy to Harness the Potential of Mineral Resources - ENA English
Ethiopia Prepares Policy to Harness the Potential of Mineral Resources
Addis Ababa, November 26/2023 (ENA): Ethiopia has prepared a national mining policy to sustainably harness its vast and untapped mineral resources.
The policy aims to attract domestic and foreign investment by creating a transparent and predictable regulatory environment, promoting sustainable mining practices, and enhancing local community engagement, as indicated.
The government of Ethiopia has given high priority to the mining sector, which lacked the priority it deserves, by considering it as one of the critical economic sectors of the country and is taking several reform measures.
As part of these measures, the Second Annual Mining and Technology Expo was inaugurated last Friday by Prime Minister Abiy Ahmed with the main objective of promoting the sector by bringing stakeholders and experts in the sector together to discuss challenges and opportunities.
The expo featured presentations, panel discussions, and networking events aimed at fostering collaboration and advancing the mining industry in Ethiopia.
During a panel discussion held today, State Minister of Mines, Million Matheos told ENA that Ethiopia owns enormous explored and unexplored potential of mineral resources.
To harness this potential, the ministry has developed a comprehensive policy framework, which is under discussion in the parliament for approval, to create a conducive environment for investment, streamline regulatory processes, and promote sustainable mining practices, he stated.
Key highlights of the policy include attracting domestic and foreign investment, promoting sustainable mining practices, and enhancing local community engagement, it was learned.
“We developed a new mine policy of international standard with support from global partners and by benchmarking the experiences of other countries. The policy will make our country more competitive. Especially foreign investors need predictable policies, and this policy will create favorable conditions for them,” Million said.
Stating that Ethiopia's vast mineral resources hold immense potential to transform the country's economy, Million noted that the policy, upon implementation, will create predictability and transparency in the sector.