Ethiopian Minister of Industry Melaku Alebel disclosed that streamlining the business environment is essential to the success of Ethiopia's current macroeconomic reforms.
Speaking at the launch of the second Business Environment Reform Program, Melaku emphasized the critical role of a thriving private sector in achieving national prosperity.
The second Business Environment Reform Launch Program, attended by members of the Steering Committee and other guests, marked the first anniversary of the initiative.
Minster Melaku, who also chairs the Steering Committee, highlighted the committee's efforts in identifying challenges faced by the private sector through comprehensive studies.
"Today's discussion is centered on determining the optimal conditions for implementing the initiatives outlined in the second Business Environment Reform. We need to clarify the leadership commitment and coordination required to ensure their effective execution,” Melaku stated.
The first phase of the reform, comprising 100 initiatives, saw significant success, with 68 initiatives already completed and contributing to tangible improvements in the business environment, the Minister stated.
According to him, these changes, aimed at reducing bureaucratic hurdles and fostering a more supportive ecosystem, have already begun to attract investment and stimulate economic activity.
Melaku further stressed that private sector engagement is the cornerstone of Ethiopia's path to prosperity.
He called for a concerted effort to improve the overall business environment, making it more conducive to growth and innovation.
Specifically, he pointed to the need to address limitations in policy relevance, ensure flexible service delivery, and attract both new and existing investors.
"We must work towards creating an environment that not only increases production and productivity but also attracts investment, generates new job opportunities, and provides flexible and cost-effective services," Melaku asserted.
The Ministry of Industry underscored the government's commitment to fostering a business-friendly climate that encourages both domestic and foreign investment. This includes simplifying regulatory processes, improving access to finance, and promoting skills development to enhance workforce capabilities.
The ongoing reforms are expected to significantly reduce the cost and time required to start and operate a business in Ethiopia, making it a more attractive destination for investors.
Furthermore, these reforms aim to promote transparency and accountability within government agencies, ensuring fair and equitable treatment for all businesses.
By fostering a competitive and dynamic business environment, Ethiopia aims to unlock its economic potential and achieve sustainable and inclusive growth.
The government is committed to working closely with the private sector to identify and address challenges, ensuring that Ethiopia remains on track to achieve its ambitious development goals, it was learned from the program.