Day: May 6, 2023

Prime Minister Abiy Ahmed said that Ethiopia has created an enabling environment for the manufacturing industry.

The premier opened today an expo under the theme “Let Ethiopia Produce” with the view to revitalize the country’s industry sector.

According to him, Ethiopia has got enough land, water, and adequate human resource as well as energy that supports production.

Yet the country has not fully exploited this massive potential for the manufacturing industry, he added.

The country has embarked on agricultural productivity to supply adequate inputs to the industry and the mining sector has been greatly revived and many products can be used as inputs for the industry.

Acknowledging the energy sector which has greater importance to catalyze Ethiopia’s industrialized ambition, the prime minister said that the Grand Ethiopian Renaissance Dam (GERD) is anticipated to fundamentally solve energy challenges in the country.

“One important factor for industrial development is energy. The performance of the Grand Renaissance Dam is going on in a very progressive manner and this will be a great input.”

Pointing out at the sound industrial policy Ethiopia has introduced, Abiy urged Ethiopians to unite and engage in production to permanently solve the challenges of the nation.

Industry Minister Melaku Alebel said on his part that since the launching of “Let Ethiopia Produce” movement in May 2022, some 4,000 permits have been issued to investors.

The minister added that the ‘Let Ethiopia Produce’ movement is becoming instrumental for providing continuous solutions and identifying problems that hinder the manufacturing sector in the nation’s endeavors to build a vibrant industry sector for prosperous Ethiopia.

Following the movement, encouraging results have been registered in the manufacturing sector, specially in maximizing and diversifying products, Melaku noted.

Moreover, the minister disclosed that the nation used to produce only goods. But now the machine industry sub-sector has started emerging in Ethiopia and a range of products from power tools to different types of machines are being manufactured.

He further elaborated that this is a big departure for Ethiopia and the country is going to be export today one of the tools manufactured by its evolving through machinery manufacturing. This is the first event to be recorded in our history.

Some 70 large and 54 medium industries are displaying their products and services in the five- days expo at the Millenium Hall.

Source: Ethiopian News Agency

Ethiopia will consolidate its efforts towards ensuring food sovereignty in Africa by playing an exemplary role and through cooperation, Agriculture Minister Girma Amente said.

Even if 65 percent of the land mass of Africa is cultivable, the continent has not yet become food self-sufficient.

Under its 10-year perspective plan, Ethiopia is working to ensure food sovereignty and playing an inspirational role for the prosperity of Africa.

Agriculture Minister Girma Amente told ENA that Ethiopia is replicating its historic role of inspiring Africa in the fight against colonial masters to ensure their independence by the effort to ensuring continental economic freedom.

The successful journey in utilizing all the potentials in the agriculture sector can be taken as exemplary for other African countries, he noted.

Stressing that agriculture is one of the prioritized sectors in the 10-year perspective plan of the country, Girma said increasing production and productivity, input supply and modernizing the sector have been successful in the journey to realize food self-sufficiency.

According to the minster, Ethiopia used to spend up to 1 billion USD per year to import wheat. Today, however, the country has not only substituted the import but has also started exporting wheat.

Encouraging achievements have again been registered in transforming the rain-dependent agriculture of the nation with irrigation.

Girma pointed out that the changes that have been registered during the last four-five years in the sector have become useful experiences to be shared for other African countries.

Ethiopia will consolidate its collaboration towards ensuring food sovereignty in Africa by sharing its experiences in the agriculture sector, the minister stated.

The minister finally stressed that this is the time for Africa to develop its ample potential and natural resources to realize its prosperity.

Strengthening cooperation and partnership and growing together at continental level will be crucial to ensure food sovereignty, he underscored.

Source: Ethiopian News Agency

The Board of the World Bank Group (WBG) has implored its newly elected President, Ajay Banga, to propel the Bank’s evolution agenda of ending global extreme poverty.

The Board said it looked forward to working with Mr Banga on the World Bank Group evolution process and on all of its ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.

The call followed his selection as the 14th World Bank Group President on Wednesday, May 3, to serve a five-year term, beginning June 2, 2023.

He will replace David Malpass who served as the Bank Group’s president from 2019 and resigned effective June 2023 to pursue new challenges.

The evolution process of the WBG is aimed at boosting shared prosperity across the world through fostering sustainable, resilient, and inclusive development, and comes at a time that many countries across the world are facing economic challenges and debt burden.

When he was appointed in March as the next WBG president, Mr Banga embarked on a global tour to deepen partnerships to ensure the achievement of the goals of the Bank Group, with the African Development Bank (AfDB) being his first stop.

‘Banga’s election comes at a critical moment of overlapping global challenges marked by emerging debt distress in lower- and middle-income countries, particularly in Africa, which is heavily impacted by climate change, Covid-19 pandemic and disruptions in food and energy markets due to Russia’s invasion of Ukraine,’ said, Dr Akinwumi Adesina, President, AfDB.

While congratulating him on his new position, Dr Adesina said: ‘I look forward to our working closely together to deliver greater impacts for Africa and the world.’

Already, Mr Banga has highlighted three global issues of significant concern to him; inequality; tension between humanity and nature; and the tendency to apply short-term solutions to long-term problems, which only delivers poor results.

Upon assumption as the WBG President, he will Chair the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD).

He will also be an ex-officio chair of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

Prior to his election as the President for the multilateral development bank, Mr Banga was President and CEO of Mastercard, Vice Chairman at General Atlantic and an Honorary Chairman of the International Chamber of Commerce.

He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its root in 2021.

Mr Banga served as Co-Chair of another Partnership for Central America, a coalition of private organisations that create advanced economic opportunities across underserved populations in El Salvador, Guatemala, and Honduras.

He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.

The process included an open, merit-based, and transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director.

This was then followed by thorough due diligence and a comprehensive interview of Mr Banga by the Executive Directors, and was in line with the selection process agreed by shareholders in 2011.

Source: Ghana News Agency