The country must make changes on economic progress via reinvigorating industrial engagements, boosting public private partnership, improving taxation system, trade as well as financing rules and enlightening basic services such as electricity to support the manufacturing industry and local business thereby attracting new investment though great progress has been witnessed so far.
According to Worku, in this competitive world, Ethiopia has to recognize that manufacturing is a major driver of its economy. Ethiopians think that sustaining and stimulation of the growth of the manufacturing sector is critical to the economy after learning the contribution of the sector. Yes, it is important for the economy to manufacture more value-added products at home instead of exporting raw materials.
As to Worku, improving trade logistics, customs procedures and properly applying trade regulations, which primarily impact large exporting manufacturing firms, would be of significantly useful in bolstering the national economic growth. Simplifying business related regulations and processes has to be expanded to facilitate the smooth entry and exit of manufacturing industry that will support a dynamic and thriving manufacturing industrial sector.
He said more seriously, manufacturing sector had been damaged by a number of factors and the nationalization and expansion of public private partnership needs to be the main policy instrument to make a difference. Besides, the private sector has to be provided with new manufacturing plants and tempting environment for manufacturing industry.
He further stated that from horticulture and agricultural products export to clean energy, to telecom sector, the old and the new, and from mined materials to final product, Ethiopia has the ability to co-ordinate its supply chains to produce the goods necessary for a clean and advanced economy.