02 Jan Ethiopia: Mobile Phone Industry Generating More Hard Currency
The Metals Industry Development Institute(MIDI) said more than 14 million USD is generated in the course of the past five months alone. And also based on the commodity it is importing to the country, the metal supply will be improved in due course of time.
Fite Bekele Corporate Communication Director within the Institute noted the presence of about twelve mobile phone producing companies in Addis and its environs. These companies can help garner about 14,488,775 USD from export market after catering to the local demand.
According to him, in Growth and Transformation Plan -II (GTPII) , the electrical and electronics sector is displaying an upward spiral underpinning the national economy following its swift change. During the past five months alone about 16 million nine hundred sixty nine thousand and seventy two USD was generated from electrical and electronic sectors. And from this income, the mobile phone market takes the higher export share.
These mobile phone products are being exported including to countries which have a better economic status than Ethiopia. Nigeria, Kenya, Rwandan and the other seven African countries are the market destinations.
According to Fite, from twelve of the companies on the investment, eight are owned and run by foreigners and the remaining by the nation’s investors. These companies supply for internal and external markets the commodity meeting standards. They have managed to create job opportunities for more than one thousand citizens. As most of the employees are youths and the investment could help to accumulate technological experience, much needed down the road.
Fite further said, the problem revolving around the importation of metal commodity during the past nine months had already been addressed. Shortage in supply and cost of metal are attributable to investors’ reluctance to import the commodity. Now, some industries are starting to import the commodity because the government has given added attention to the issue. The commodity supply helps to produce metal and reduce the shortage and inflation of cost on the market.
The metal industries in the country have a capacity to produce more than five million ton metals on annual basis.
Source: The Ethiopian Herald