SMEs Essential in Driving Ethiopia’s Economic Growth: WIPO Acting Director

Addis Ababa  November 4/2024( ENA)Acting Director of World Intellectual Property Organization (WIPO) Division for Africa Loretta Asiedu said Small and Medium Enterprise (SMEs) are essential in driving Ethiopia’s economic growth through innovation and creativity.  

The two-day national workshop on intellectual property (IP) for innovative and competitive Small and Medium-sized Enterprises (SMEs) is underway in Addis Ababa.

Addressing the workshop, Asiedu said “Today, we gather here because we recognize the essential role of SMEs in driving Ethiopia’s economic growth through innovation and creativity.”

 

SMEs are often the backbone of several economies worldwide which are instrumental for job creation, technological advancement and sustainable development, she affirmed. 

SMEs also play a crucial role in reducing poverty, narrowing inequality, and creating decent and productive employment, it was indicated.

Noting that the role of IP in fostering growth, creativity and competitive advantage for SMEs is undeniable, she said IP offers a way to protect their innovations, attracting investment and expanding their market access both locally and globally.

Here in Ethiopia, she said SMEs hold immense potential across the various sectors from textile to technology.  So, by understanding this strategic importance of IP, Ethiopian SMEs can protect their innovation and expand their market.

The goal of the workshop is to provide practical insight on how to identify, manage and commercialize IP assets so they become catalysts for growth and sustainable development, the acting director underscored.

 

Ethiopian Intellectual Property Authority (EIPA) Director General Woldu Yemessel said for his part that countries which have reached high-level growth have had strong Small and Medium Enterprise (SMEs).

For countries like Japan, Taiwan and South Korea, among others, up to 90 percent of their GDP was produced by such institutions during the initial phase of their growth journey.

Stating that Ethiopia is in its second phase of the homegrown economic reform, he added there is a favorable environment for SMEs to transform the country’s economy.

For the SMEs, entering into the intellectual property system means enhancing market competition, enabling them to get financial support, increasing quality, and adding values, he pointed out.

The workshop was organized by the World Intellectual Property Organization in collaboration with the government of Ethiopia with the support of the Japan Patent office and the Ethiopian Intellectual Property Authority.