Industrial and Commercial system in place advantageous to economic growth and investment: Minister

As a result of the endeavors made in the past 20 years as regards trade and industrial sector, a system conducive to ensuring economic growth and investment has taken root in Eritrea, according to the Minister of Trade and Industry, Mr. Estifanos Habte.

Asmara, April 18, 2011- As a result of the endeavors made in the past 20 years as regards trade and industrial sector, a system conducive to ensuring economic growth and investment has taken root in Eritrea, according to the Minister of Trade and Industry, Mr. Estifanos Habte.
In an interview he conducted in connection with the symposium of the Ministry scheduled to take place April 20 to 22 here in the capital, the Minister stated that in the past 20 years, major efforts were exerted to reinvigorate the state of the nation’s trade and industry. He further underlined that the Macro Policy proclamation of 1994 has created ample opportunities for investors. In line with this policy, the Government has established offices exclusively dealing with issues pertaining to commercial licensing as well as product standardization.
In connection with previous challenges, Mr. Estifanos underlined that a war-torn infrastructure and lack of adequate foreign currency were some of the major hurdles to economic growth. However, thanks to the vigorous efforts made on the part of the Government, the national economy has been registering annual growth at the rate of 7-8%. He also elaborated that the primary objectives of the Ministry is to facilitate and create favorable environment for investors. In this regard, Mr. Estifanos indicated that encouraging outcome have been registered, although still more remains to be done.
The Minister also explained that the development of human resource, strengthening tripartite relations involving the Government, the business community and consumers, in addition to promoting investment and export-oriented products, ensuring the production of goods of international standard are some of the major programs set for implementation.