Ethiopia's homegrown economic reform initiative is significantly strengthening the nation's economic diplomacy, the Ministry of Finance announced today. The ambitious reform agenda is designed to position Ethiopia as a beacon of African prosperity by 2030, building on past successes while strategically addressing current challenges and future goals.
Frehiwot Andamo, an advisor to the Minister of Finance, highlighted that the reform is actively driving growth across key sectors, including agriculture, manufacturing, tourism, mining, and information and communication technology (ICT).
"The homegrown economic reform has been instrumental in boosting productivity, leading to Ethiopia's increased self-sufficiency in food," Andamo stated. "Crucially, it has also opened avenues for us to fortify our economic sovereignty and enhance our economic diplomacy on the global stage."
Andamo added that the reform has directly contributed to a rise in foreign direct investment. She noted that concerted efforts are underway to identify and promote Ethiopia's abundant resources to attract international investors and companies.
Echoing these sentiments, Dr. Abule Mehari, a researcher with the Ethiopian Economists Association, underscored the importance of economic sovereignty. "Ensuring economic sovereignty empowers nations to gain greater influence and acceptance in the international arena," Dr. Abule stated.
He further explained that an economically independent nation can transcend aid dependency, effectively safeguard its interests, and expand its global voice. Dr. Abule clarified that economic sovereignty extends beyond mere self-sufficiency, enabling countries to secure their advantages through active participation in global trade interactions and by expanding market access to exert greater influence, FBC learned.