The Ethiopian Startups Exhibition Fair is currently underway at the Addis Ababa Science Museum, showcasing the burgeoning entrepreneurial spirit in the country.
Prime Minister Abiy Ahmed, speaking at the Exhibition opening ceremony, highlighted the government’s efforts to foster a conducive environment for start-ups, including the provision of various incentives.
Among the reforms introduced to support start-ups are tax-free opportunities, allowing them to retain full foreign currency earnings from international transactions.
Additionally, the requirement for a physical office space to obtain a business license has been eliminated, streamlining the registration process for aspiring entrepreneurs.
Furthermore, the government is facilitating access to loans for individuals with innovative ideas, aiming to empower budding entrepreneurs to bring their visions to fruition.
The exhibition, scheduled to run for 20 days, invites visitors to explore the innovative projects on display at the Science Museum.
Prime Minister Abiy emphasized the establishment of a new system that enables young people with creative ideas to launch businesses without the constraints of leasing contracts, promoting a culture of entrepreneurship and innovation.
Moreover, start-ups receiving foreign investments can now utilize foreign currency for their operations, facilitating international transactions.
The government has also introduced a payment system through banks for start-ups to settle expenses incurred abroad, providing further support for their growth and expansion into global markets.
In a bid to alleviate financial barriers, the government announced plans to establish a technology-focused center for entrepreneurs, offering customs-related fee reductions and support.
Prime Minister Abiy stressed the importance of nurturing technology-driven businesses capable of generating significant revenue, emphasizing the need to scale up the start-up ecosystem nationwide.
Furthermore, the government plans to revise foreign direct investment (FDI) laws to encourage greater investment in start-ups.
Financial support mechanisms will also be implemented to assist aspiring entrepreneurs, with the Development Bank of Ethiopia and the National Bank poised to provide funding and establish a supportive banking system for start-ups.
Highlighting the urgency of the situation, a report from the Ministry of Labor and Skills underscores the pressing need to address unemployment among Ethiopia’s youth population, which exceeds 10 million.
Failure to create at least 2 million job opportunities annually could lead to economic and social instability.
Additionally, according to the Ministry of Education, approximately 200,000 young graduates emerge from higher education institutions each year, further emphasizing the imperative of promoting entrepreneurship and job creation initiatives.
