Ethiopia has saved over 1.6 billion dollars in the fiscal year by replacing imported income-generating products with local alternatives, while small and medium enterprises (SMEs) earned 54.5 million dollars through exports during the same period. According to Ethiopian Enterprise Development, which was established in 1942, the country had 12,751 small and medium manufacturing enterprises as of June 2023. These include 8,574 small and 4,177 medium-sized businesses, owned by 26,862 entrepreneurs. Together, these enterprises generate around two billion dollars in annual income and over 33 million dollars in export revenue, producing a wide range of goods including textiles, leather products, agro-processed items, handicrafts, and minerals, helping boost foreign exchange earnings and strengthen Ethiopia’s position in global markets. CEO Kelali W. Gebriel said the institute is working with 1,451 manufacturers on a plan to save an additional 881.7 million dollars in foreign currency by further reducing reliance on imports. He added that 357 SMEs had recently exported 31,760tns of goods, generating the 54.5 million dollars in export income. The institute said it will continue working with regional stakeholders and partners to expand support for SMEs, describing them as a key driver of the country’s industrial development.