Addis Ababa: The opening-up of a market is a means of integration for the Ethiopian economy with other economies, Ethiopian Economics Association (EEA) Partnership and Communication Director Abule Mehare said.

In an exclusive interview with ENA, the director said Ethiopia can take advantage of the experience of other countries in transferring knowledge, accessing improved technologies, accessing high quality products and services at high quality with reasonable price for our citizens by opening up its market.

According to him, it is good to open up the market because when we open up the market, we are also accessing other markets, which means we are enlarging the consumer base for our products as well.

Stressing that opening up a market by itself has its own consequences and advantages, the partnership and communication director said the market is the basis and having a large market means higher production which induces high output as high output reduces inflation, which is a major problem of the country.

A
nd when there is high investment in the country it will also be a source of finance and will reduce the unemployment rate in the country, he added.

The crucial effect of opening up of the market should, however, be managed carefully.

Abule also urged the existing financial institutions to enhance competitiveness in terms of technology, manpower, efficiency, and capital.

Ethiopia has undertaken significant economic reforms to open up the economy, including the liberalization of the telecom sector, opening up of the financial sector, the liberalization of trade and the logistics sector for foreign investors.

Over the past five years, more than 60 sectors and sub-sectors have been opened up for domestic and foreign investment to make Ethiopia a business friendly nation.

The country has also implemented over 80 legal and administrative reforms during the stated period.

Source: Ethiopian News Agency