Ethiopia Working on Expanding Market Destination Through Economic Diplomacy, Says MoFA

Addis Ababa,August 31/2024(ENA) Ethiopia has been actively engaged in enhancing market destinations through forging economic diplomacy, the Ministry of Foreign Affairs stated.

Director General of Political Economy Diplomacy at the Ministry of Foreign Affairs, Ambassador Yohannes Fenta said that for several years now, the country has experienced import-export trade imbalances, resulting in minimal foreign exchange earnings, despite the country's potential to produce a variety of products for export trade.

Citing the shortages of foreign exchange facing the country, the director said that the government has been fully implementing the macroeconomic reform policy as part of addressing the challenges. 

He emphasized that the macroeconomic reform has crucial role to strengthen diplomatic tasks, through economic diplomacy and market destination expansions.

For instance, the macroeconomic reform creates opportunities to boost the  market destinations, he said, adding that strong economic diplomacy fosters foreign direct investment (FDI), playing significant role in supporting local development projects. 

In this regard, the ministry has been discharging its responsibilities to ensure that the economic diplomacy would bring about the desired results. 

Stating that Ethiopia has registered results by enhancing production and productivity, Ambassador Yohannes said that there are constraints in expanding and finding international markets for the products.

To this effect, the ministry is actively working on promoting Ethiopian products abroad, he emphasized.  

 

Kelifa Hussien, CEO of Halla Group recalled practice of illicit trading and the huge gap of exchange rate of foreign currency between black market and the bank before the implementation of the macroeconomic reform , causing serious ramifications on  our export of cattle meat. 

By now, we have started exporting cattle meat, he said, adding the macroeconomic reform has led to positive developments for the export sector.