The Oromia Regional State has successfully saved over $1.1 billion in foreign exchange by championing import substitution, the region's Investment and Industry Bureau announced today. This significant achievement underscores the growing impact of the "Made in Ethiopia" movement.
Ahmed Idris, Head of the Oromia Investment and Industry Bureau, stated that the national "Made in Ethiopia" initiative has been instrumental in revitalizing investment across the region. He detailed the movement's focus on identifying and addressing challenges within the manufacturing sector, providing crucial oversight and assistance to industries.
Idris noted a concerted effort to tackle hurdles such as access to credit, suitable workspaces, reliable power and input supplies, and other infrastructure deficits. He particularly highlighted the robust support extended to industries engaged in import substitution, which has yielded impressive outcomes.
As a prime example, the bureau head explained that 107 large industries within Oromia were successfully redirected to produce 95 types of goods that were previously imported. This strategic shift has led to the domestic production of over 4 million tons of goods, directly contributing to the more than $1.1 billion in foreign currency savings, according to FBC.