Addis Ababa — Minister of Finance Ahmed Shide said that Ethiopia has been carrying out a rigorous reform to transform its economy from a public-led to private sector growth.
Speaking at an international forum entitled: “Invest Ethiopia2023” held today in Addis Ababa, the minister said that during the past four years, the Ethiopian government has carried out a wide range of economic reform and liberalization programs.
The government has launched Homegrown Economy to sustain rapid economic growth, maintain a stable macroeconomic environment as well as create job opportunities and to transition from a public-led to private sector growth, he noted.
The minister also said that the nation pursues for a stable economy, where the private sector is at heart of the reform to expand private investment.
“As the center of our economic policy, it is creating an inclusive sustainable and globally competitive economy that is led by the private sector and generates better jobs,” he underscored.
At the core of the country’s reform objectives, Ethiopia has first pursued to address the current macroeconomic imbalances and then improve the business environment.
As a result, some of the reforms include Ease of Doing Business Initiative that was launched to streamline business registration licensing procedures and create a transparent regulatory framework, the finance minister said.
“A new investment proclamation has been enacted, opening up several sectors of the economy to foreign investors …and attracting new foreign direct investment,” he underscored.
Ahmed added that Ethiopia is also in the course of establishing a capital market which will make the business environment more conducive to the private sector.
We are reforming our regulatory regime on special economic zones to facilitate the development of transformative economic clusters in manufacturing, agro-business, service industries and attract the widest possible opportunities of foreign direct investment across many sectors in Ethiopia, he added.