Ethiopian president vows to maintain double digit growth

Ethiopia has seen a double digit growth for the past decade and will continue to maintain the pace, the countrys newly elected President Mulatu Teshome said on Wednesday.In an exclusive interview with Xinhua on Wednesday, Mulatu said Ethiopia is in a very different chapter of history, whereby the nation is engaged in a renaissance focusing on inclusive economic development. It is in the journey of fast growth; the journey of renaissance; the journey of bringing Ethiopia fast and inclusive economic development as well as securing peace and stability at home and also in its region, noted Mulatu.He stated that Ethiopia has been able to register such fast and remarkable economic growth though it is not an oil-producing country and though prices of agricultural commodities are not in favor of the countrys produces. So, the double digit growth has been for the past ten years, and we are also looking forward to sustain this double digit growth in the coming years also. Ethiopias economy, even though the price of agriculture commodities is not in favor of what we produce and what we export, but somehow the volume of our export has increased. That is very positive indication of the desire of the government and the people of Ethiopia to acquire the fast growth development we are envisaging, he said.While pursuing the endeavor in its fast economic growth towards achieving a middle-income economy in a very near future, Ethiopia is also deepening and strengthening the democratization of the society, said the President. Mulatu noted that his country is heavily investing in infrastructure including mega projects of highways, railways and energy sector among others to push the countrys industrialization forward. The entire Ethiopian people and the Ethiopian government are working hard to make Ethiopia one of the middle income countries in a very near future that needs to work hard, especially in the economic sphere. We are investing heavily in the infrastructure sector, said the President. The Ethiopian people have been very proud of their past history, he said but past history cannot make as proud forever unless it is substantiated by meaningful and substantive economic development.The President also underlined that Ethiopias economic development is inclusive and focuses on improving the livelihoods of the farming community to gradually be transformed into industrialization. In order to make Ethiopia re-take its position in the world, we have to work hard in bringing the economic development. That is what we are doing. So, when we say economic development it has to be inclusive; without the inclusivity of the economic activities, without building inclusive economic institutions, again we cannot have a very strong and secured peace and stability. So, the entire population has to be included in sharing the benefits of our economic development, the growth of the economy and that is what the policy of the government is, he said. The rural development, the policy of the current agricultural policy, it is to make the farming community, the peasantry one to be self-sufficient; and being self-sufficient by itself is not enough, they have to be competitive to produce marketable products and to improve their livelihoods, and gradually to graduate from farming to industrialization, said the President. And the industrialization of the society is not confined to a limited to cities and towns. And when we talk about industrialization of Ethiopia, we have to focus on the rural community of transforming the agricultural produce not directly selling the raw materials as it is but to go through, to agro- processing; and that has to gradually be focused on and we are doing that, he added.The President, who had served different Government posts and diplomatic missions in different countries before he was sworn in President of the country early October this year, said he has contributed share in attracting foreign investment to Ethiopia by promoting the country to foreign investors. He also expressed commitment to continuing to promote Ethiopia towards attracting more investments to his country.And this has to be what Ethiopia really gives and it should not be something we are promising and something which are not giving. Foreign investment is very important for our economic development and we are trying very hard to attract foreign investment including from your great country, from China. And in my previous career as a diplomat of my country, I have worked hard in attracting foreign investment. I will continue to do in that line, he said.