Thursday, February 22, 2024
BusinessPlan allots leading role in the economy to the Private sector

Plan allots leading role in the economy to the Private sector

The private sector is expected to take a leading role in the economy over the coming decade, announced Plan and Development Commissioner Fitsum Assefa (Ph.D.) in a media briefing this week on core strategic pillars and key focus areas of the ten year economic plan.

To be implemented this fiscal year, the ten year economic plan dubbed Ethiopia: An African Beacon of Prosperity, awaits approval by the House of Peoples’ Representatives (HPR). It has been almost a week since the plan was approved by the Council of Ministers (CoM).

During the briefing, Plan and Development Commissioner, Fitsum Assefa (Ph.D.) said the ten-year plan aims at selected targets such as large involvement of the private sector in the market led economy. Among the strategic pillars noted in the plan, the private sector plays a major role.

Nemera Gebeyehu (Ph.D.), Deputy Commissioner of Planning and Development, said the commission has given emphasis to sustainable macro-economy, aiming to create large job opportunity to citizens.

According to Nemera, sustainable urbanization, business, investment, and the environment are some of the key focus areas in the plan. Nemera explained that the plan sets a goal of creating sustainable financial opportunities. He said all strategic plans were designed by the planning commission, and that this time, all sectors were allowed to design their sector plans independently with the commission mainly working on macroeconomic issues. 

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“The market led economy has to be considered through economic and social pillars. Having this in mind, it is good to focus on sectors that provide large job opportunities. At the same time, investing in urban environment will enhance technological transition,” Nemera said.

Both planning officials made it clear that if the government invests more in Fintech activities, it will speedup Ethiopia’s development. At the end of the plan period, manufacturing is expected to make 20.6 percent, industry 13 percent, service 10.6 percent, construction 8.9 percent, and agriculture 5.9 percent of GDP.

By Elias Tegegn

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Video from Enat Bank Youtube Channel.

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