PM Abiy Says Ethiopia’s Pathway to Prosperity Follows Multi-Sectoral Growth Approach - ENA English
PM Abiy Says Ethiopia’s Pathway to Prosperity Follows Multi-Sectoral Growth Approach
Addis Ababa, November 27/2023 (ENA) Prime Minister Abiy Ahmed said Ethiopia’s pathway to prosperity follows a multi-sectoral growth approach to enable equitable development, underscoring the importance of the private sector as the engine of growth.
The premier made the remark at the opening of the 20th General Conference (GC.20) of the United Nations Industrial Development Organization (UNIDO) in Vienna, Austria today.
"we are an entrepreneurial state that recognizes the private sector as the engine of growth and aims to harness our demographic dividend for productivity,” Abiy said.
Industrial policies are the most viable strategies for accelerating Africa’s economic growth, the premier stated, noting that “Our convening here today offers an opportunity to visit our shared commitment to promote inclusive and sustainable industrial development.”
According to him, Africa is endowed with abundant natural resources including critical minerals and dynamic youth population which are essential for industrial productivity and transformation of the economy. And yet, he said poverty remains to be among the most serious challenges, which entail placing Africa at the center of the global industrialization agenda.
“History has shown us that industrialization can lift hundreds of millions of people out of poverty across the world. The manufacturing sector in particular has emerged as the driver of prosperity providing employment and fostering innovation in both developed and developing countries.”
The premier stated that over the past two decades, the world of industry has been in constant state of change due to digital transformation and evolving geopolitical landscape and the need for a green industrialization because of climate change.
Abiy further said, Ethiopia, since 2018, has embarked upon reforms rooted in a deep understanding of the nation’s potentials, challenges and opportunities to expand its economy and accelerate poverty reduction.
“Our vision is to fully unlock Ethiopia’s untapped potential in various sectors and to drive this growth through able institutions and highly skilled labor. Our pathway to prosperity follows a multi -sector growth approach to enable equitable development,’the premier said.
“We have been making deliberate policy shifts aimed at boosting productivity in all sectors and creating conducive investment and business environments. Our Homegrown Economic Reform Agenda introduced macro -financial, structural and sectoral reforms aimed at liberalizing key economic sectors such as telecom and banking, fostering private sector investment, enhancing external competitiveness, and productive capabilities,” Abiy elaborated.
He further stated that Ethiopia has strengthened its adaptive industrial policymaking by establishing a free economic zone in order to be more agile in the face of a changing world. “We have been investing extensively in multi-sectoral growth sources under the homegrown economic reform pillars of agriculture, industry, tourism, ICT and mining.”
These investments, according the premier, have translated into noteworthy achievements, including increased agricultural productivity, the emergence of a growing mining sector, robust momentum in the digital economy and notable flagship destination initiatives in the tourism sector.
The production of strategic commodities like wheat, coffee and avocado, alongside promising measures for substituting edible oil and rice production are pivotal for food-sufficiency, he added.
“Over the past five years, we have managed to raise our total farm area from 15.3 million hectares to 22 .9 million hectares, with vast amount of land for crop production still available for cultivation as we continue expanding on our potential in the agricultural sector.’’
Prime Minister Abiy further elaborated that the digital economy is making substantial progress driven by the implementation of foundational elements such as a digital ID and payment systems with the establishment of the Ethiopian Artificial Intelligence Institute that focuses on research and development of solutions in our priority sectors.
The five day conference emphasizes on how inclusive and sustainable industrial development can support sustainable supply chains, limit the climate breakdown and contribute to ending hunger.
The General Conference is the highest policymaking organ of United Nations Industrial Organization (UNIDO).