Ethiopia plans to garner $5.25 bln export income
President Sahlewerq Zewdie said Monday that the government has planned to collect $5.25 billion export income in 2021/2022 budget year.
“Reforming the trade system is among the priorities of the government,” Sahlewerq said.
Ethiopia earned $3.6 billion from the export of commodities in 2020/2021 fiscal year, according to Ministry of Trade and Industry.
President Sahlewerq said that plan has also been set to harvest 592 million quintal of crops from the agricultural sector in the fiscal year.
Increasing the government revenue collection is another priority. The government has therefore planned to collect 600.9 billion Birr, which is 83 percent is poised to be garnered from tax, as she puts it.
Sahlewerq announced the plan at the House of Peoples’ Representatives (HPR) during the joint annual inaugural address of HPR and House of Federation. The newly elected government following the June 2021 general election has officially formed on Monday.
“Government will be devoted in improving productivity and attracting new investments to boost the creation of job in manufacturing sector,” said Sahlewerq.
Activities are also going to be discharged to expand manufacturing industries that will focus on replacing imported products with strategic importance, she added.
Boosting the slice of manufacturing sector to the Gross Domestic Product (GDP) is another economic plan for this fiscal year.
Also, the government will work to increase export earnings from mining sector, according to Sahlewerq.