Among the incentives offered will be streamlined access to foreign currency, addressing a longstanding obstacle that has hampered the importation of essential inputs. These industries have enjoyed advantages such as favorable land lease rates, soft loans, tax incentives, and convenient access to foreign currency. However, despite these efforts, the country’s annual export revenue from the industry sector has remained stagnant at approximately $350 million. Furthermore, the ongoing conflict in multiple regions of Ethiopia, notably in the north, has further hampered the productivity of the manufacturing sector. However, the shortage of foreign currency has led to difficulties in opening letter of credit (LC) accounts at commercial banks.

Source: Ethiopian News August 01, 2023 11:38 UTC