Having made the headlines for all its commendable efforts to be East Africa’s investment hub, there seems to be a leak in one of its sectors. The nation has done well in attracting investors, opening its economy to the public and exposing itself to greater opportunities geared towards making it a success regionally. With the Government reading the country’s budget, a number of changes have been looked into to revive the economic prowess of the State.
The nation has suffered a broken tooth, however, with worrying information concerning the manufacturing industry. Being a significant entity in raking revenues for the Government, the sector has recorded the lowest earnings regionally. This points a troubling atmosphere to the potential investors looking for investment opportunities in the sector.
Ethiopia has started plans on how to boost the earnings from the sector, and work harder to lure Foreign Direct Investments (FDI) into the nation. It could prove to be an indeed ideal opportunities for investors and entrepreneurs to use the loophole as a chance to establish their businesses. On the other hand, they could be wary of its performance and may shy off from taking any risks to splash cash on the same.
With the solidity of the economy, the sector should be bouncing back soon and save some ‘embarrassment’ especially after being crowned with praises for the exciting market it possesses and great potential to be an empire to be reckoned with. Efforts to pick up the sector have been going down but would pick up soon should they look forward to have more businesses coming in in the sector.
The Government is wary of the competition in East Africa and seek to remove any doubts that Ethiopia cannot match the caliber of the region. They seek to boost international trade as well to heap more revenue for its expenditure.
The country has a vision to be a leading manufacturing hub in Africa by 2025. It is understood that the main industry in the country is agriculture, pretty much the mainstay of many African countries. Despite being Africa’s second biggest maize producer, Ethiopia believes the manufacturing sector should be given much attention.
Industrial parks has been one of the country’s deals to make their dream possible, creating also numerous jobs for the ever-growing population in the country.