Yetnayet Tamrat - a women of many dreams

Since 97 percent of Ethiopia’s income and expenditure or total trade is transmitted through the “Ethio-Djibouti Corridor”, this line should be strengthened.

This was said by the Governor of the National Bank of Ethiopia, Mamo Mihret.

The Governor said that if we want to encourage exports, we must prioritize improving the lagging logistics work. 

The logistics problem must be solved systematically, that is, modernizing the financial system; improving exports, that is, changing the foreign exchange and increasing the financial system, Mamo Mihret said.

As a member of the African Trade Area, Ethiopia has started a way to connect all neighboring countries by rail.

We have heard that work is being done to connect Ethiopia with all neighboring countries, namely Sudan, Kenya, Sudan and South Sudan, by rail to increase trade and economy.

This was heard today during a meeting with stakeholders of the Ethio-Djibouti Railway.

At the same meeting, Ethio-Djibouti Railway CEO Takele Uma presented a related question to the Minister of Finance, Ahmed Shide; the Minister of Transport, Alemu Sime; and the Governor of the National Bank, Mamo Mihret; regarding the benefits of railway infrastructure in terms of finance, economy, trade and the region.

Asked how to develop railway infrastructure to boost Ethiopia's financial system, Finance Minister Ahmed Shide explained that the Ethio-Djibouti Railway project, which was built by the two countries, is being worked on vigorously to make it better for the economy.

Ahmed Shide said that the railway project requires a large amount of financing; he said that he is actively supporting this infrastructure by transporting the high cargo at the port of Djibouti.

As Ethiopia is a member of the African Trade Zone; since railways are a primary infrastructure to support trade activities; We will focus on improving the infrastructure in all areas, he said.

As Ethiopia's export trade is growing at a high level, a railway line connecting it with neighboring countries is needed, and it will continue to be built.

Ahmed Shide also explained that work is underway to complete the railway projects that have been started.

He assured that the Ministry of Finance will strongly support the Ethio-Djibouti Railway to further increase the country's export and economic growth.

The Minister said that when the Ethio-Djibouti Railway project is completed, it will increase the capacity of the fuel that enters the country from the port to the interior and will be greatly improved.

On the other hand, to achieve the financial system that Ethiopia has started, how can the railway infrastructure be supported? What will it help? Asked how the Ethiopian Railway will benefit the Ethiopian economy, Mamo Mihret said that the Ethiopian Railway will be of great benefit.

Ethiopia has taken a huge loan to build the Ethio-Djibouti Railway and is still paying it, said Mamo Mihret, adding that much more needs to be done to ensure that the infrastructure provides better services.

Takele Uma, CEO of Ethio-Djibouti Railway, said that the logistics sector has been strengthened to bring about change in a short time. Later, he asked the Minister of Transport and Logistics, Alemu Sime, what needs to be strengthened to improve things further.

The Minister said that railway transport, in addition to boosting the economy, is good for transporting goods in large quantities, quickly and at low prices. Later, he explained that Ethiopia's total import and export of consumer goods has decreased.

However, the import of capital goods has increased, said Alemu Sime; He said that the volume of imports has decreased and the volume of exports has increased, so efforts are being made to increase the capacity of the railway infrastructure by increasing trade partnerships.

The conference discussed how Ethiopia can strengthen infrastructure such as railways to grow economically with the surrounding area.

In addition to boosting trade and economy, the ministers discussed how Ethiopia can use its railways to connect different regions and facilitate trade, and how it can transform its financial system.

Ethiopia’s logistics has been testing the trade and the overall economy for a long time by increasing transit time and testing its capacity. 

We heard that today’s conference will fully utilize the Ethio-Djibouti railway infrastructure and help it have an efficient and secure trade system.