ADDIS ABABA –A new Manufacturing Industry Policy of Ethiopia has been enacted by the Council of Ministers today.
The policy document was approved along with three draft proclamations during the council’s regular session chaired by Prime Minister Abiy Ahmed.
The cabinet meeting first dealt with a revised Expropriation of Landholdings for Public Purpose and Payment of Compensation Proclamation bill.
In a statement, the PM Office says the current proclamation no 1161/2019 required revision to add basic principles to guide the expropriation of landholdings for public purposes.
The amendment is made to clearly define compensation payments, as well as the duties and responsibilities of institutions with the power to expropriate landholdings.
The council, after deliberating extensively, referred the draft legislation to the House of Peoples Representatives for further discussions and ratification.
The second agenda discussed by the Councils of Ministers was a draft proclamation on Medal, Nishan and Awards.
Such recognitions honor citizens who deliver extraordinary contributions to the national development in various sectors, and encourage others to follow in their footsteps, the PM Office says.
Thus, it says the draft proclamation is prepared to establish a legal framework for bestowing the Medal, Nishan and Awards as per the federal constitution.
The ministers, after adding their input to the draft law, referred it to the lower house of the Ethiopian parliament for further discussions and approval.
The council also directed a draft legislation on the celebration of public holidays and vacations for parliamentary approval.
The bill is prepared in a bid to provide legal recognition for public holidays and vacations and their celebration at the national level with their religious, cultural and historical values intact, the PM Office states.
The cabinet meeting on Wednesday finally looked into the draft Manufacturing Industry Policy document.
Authorities seek the manufacturing sector to have a major role in the national economy and their ongoing effort for the structural transition.
This requires a policy framework to spur Foreign Direct Investment inflow and foreign exchange revenues, as well as strengthen import substitution and sustainable job creation, the PM office notes.
The Manufacturing Industry Policy is drafted to encourage and increase private investment and to help the sector grow in a manner that takes the principles of environmental protection into account.
The Council of Ministers discussed the bill and added their input before unanimously voting to approve the draft Policy document. The new Manufacturing Industry Policy has become effective as of today December 20, 2023.
“This transformative initiative marks a crucial step towards economic growth, job creation, and a brighter future for our nation,” Industry minister Melaku Alebel said.