Ethiopia generated an impressive $8.3 billion from exports during the 2017 fiscal year, according to Kassahun Gofe (PhD), Minister of Trade and Regional Integration. This announcement was made at the annual conference of the Trade and Regional Integration Sector, themed “Achieving National Hope through Streamlined Trade,” highlighting the government's commitment to enhancing trade efficiency and economic growth.
During his keynote address, Minister Kassahun emphasized the importance of trade as a vehicle for national development. “The past fiscal year marked a period of growth across all sectors, demonstrating our resilience and determination to foster economic stability,” he stated. The conference served as a platform for officials to review achievements, discuss challenges, and strategize for the future.
One of the notable advancements reported was the successful implementation of an online service that provided support to approximately 3 million business communities engaged in domestic trade. This initiative aimed to streamline operations and enhance accessibility for traders across the country.
The Minister also highlighted efforts to combat illegal trade practices, revealing that actions were taken against 110,000 traders involved in illicit activities that contributed to artificial shortages in the market.
To further stabilize prices and ensure consumer access to goods, the government has opened new shopping centers that operate on weekends. These initiatives are part of a broader strategy to mitigate inflationary pressures and promote a more stable economic environment.
In addition to domestic trade improvements, Kassahun noted significant progress in international negotiations, particularly regarding Ethiopia's bid to join the World Trade Organization (WTO). “Our efforts have yielded positive results, positioning Ethiopia favorably in the global trading system,” he remarked.
The Minister also mentioned that the African Free Trade Area is set to launch in September next year, which is expected to enhance intra-African trade and economic collaboration.
The conference also featured presentations from heads of regional trade offices, who shared insights into their respective achievements during the fiscal year.
The discussions culminated in a memorandum of understanding outlining strategic plans for the upcoming 2018 fiscal year, emphasizing continued collaboration and innovation in trade practices.
As Ethiopia navigates its path toward economic transformation, the government remains focused on fostering an environment conducive to trade and investment. With ambitious targets set for the future, officials are optimistic about building on the successes of the past year while addressing ongoing challenges.
The commitment to streamlined trade practices and enhanced regional cooperation reflects Ethiopia's determination to harness its economic potential and improve the livelihoods of its citizens.
As the nation moves forward, stakeholders remain hopeful that these initiatives will lead to sustainable growth and prosperity for all Ethiopians.
