In mid-1991 the previous military regime ended, and a new government
was installed. At that time, the economy was to a large extent
under the dominance of the state which controlled both product
and factor markets, and owned a large part of the modern sector
of the economy. There were severe price distortions of foreign
exchange and interest rates as well as of goods and services.
Since then, the focus of economic policy has been to switch from
a command to a market economy and progressively integrate Ethiopia
into the world market.
The first task was to dismantle the legal restrictions on private
investment and withdraw the state from controlling prices and
markets. To this end, domestic and external trade were liberalized,
state monopolies were abolished, and, at the same time, public
enterprises were made autonomous in terms of management and finance,
cut off from budgetary support, and made subject to eventual divestiture.
Simultaneously, integration with the global market was initiated
through reduction of import tariffs and devaluation of the Birr
(Ethiopia's currency). The maximum
tariff rate was reduced from 230 to 80 per cent, while the Birr
was devalued by 142 per cent against the US dollar. These measures
changed the course of the economy within a relatively short period
of about two years, between mid-1991 and 1993, bringing into operation
market forces and removing substantially price distortions.
In subsequent years, the establishment of a market economy and
integration with the world market was further reinforced. The
foreign exchange auction market for import of goods was fully
deregulated, and the auction itself was held more frequently,
changing from biweekly to weekly. Availability of foreign exchange
for payments of invisibles, such as business travel and medical
treatment abroad, was also increased. Import tariffs were further
reduced from a maximum of 80 to 50 per cent; the average rate
being presently 24.5 per cent. Price controls which remained on
a few essential goods were lifted, thereby virtually completing
the deregulation of prices of goods and services. In addition,
petroleum prices were made periodically adjustable to reflect
changes in world price. Pan-territorial pricing of fertilizer
was terminated as was fertilizer subsidy. Tariffs of electricity
and water were adjusted upwards, the former being scheduled to
cover costs fully and allow a profit margin in the coming few
years. Telecommunications, on the other hand, continues to be
operated on profit basis.
Privatization gathered momentum after
an initial phase of preparation. Given the underdevelopment of
the economy, there are only about 200 state-owned enterprises
to be privatized including factories, state farms, hotels, construction
firms, transport corporations, wholesale marketing firms, and
small retail outlets and restaurants. State-owned marketing enterprises
lost their monopoly with the removal of entry barriers for private
firms, and shrank due to both deliberate down-sizing and competition,
while insolvent enterprises that could not be resuscitated were
allowed to go bankrupt. Retail shops, restaurants, a few factories
and hotels have been privatized. Several other enterprises have
also been offered for sale.
Currently, the main focus of the
on-going economic reform is the widening of the scope of foreign
investment to include telecommunications and electricity generation,
complete the liberalization of the current account, and the deregulation
of interest rates side by side with the creation of securities
market. In keeping with the objective of progressively liberalizing
the foreign trade regime for goods and services, payments on invisible
trade are expected to be deregulated fully by the end of 1990s.
This will enable Ethiopia to attain current account convertibility.
At the same time, the maximum tariff on imports will be reduced
and the average rate lowered to 19.5 per cent.
To summarize, a transition from a
command to a market economy has been made. There remain, of course,
several scores of enterprises in the hands of the state, but essentially
due to the process of undertaking privatization itself, rather
than lack of readiness to privatize. Perhaps more challenging
is the elimination of price controls, removal of subsidies, commercialization
of telecommunications and electricity, and convertibility on the
current account. In all these areas, the achievement in policy
reforms has been remarkable, as Ethiopia has succeeded to establish
a market economy, with minimal price distortions and successively
decreasing tariff rates, on a sustainable footing.
2. BACKGROUND TO THE
MANUFACTURING SECTOR
2.1 Performance
The manufacturing sector constitutes
a small portion of the economy. In 1995/96, it contributed about
6.3% of the GDP and 15.8% of the foreign exchange earning.
The sector is dominated by light
manufacturing and agro-processing. Food, beverages and tobacco
are the most prominent groups in terms of gross value of production,
followed in their order of significance by metal and engineering,
leather and footwear, light chemicals, non-metallic minerals,
paper and printing, furniture and wood. The total gross value
of production of the manufacturing sector in 1995/96 was about
Birr 6 billion.
2.2 Major Subsectors
a) Food, Beverages and Tobacco
Food, beverages and tobacco constitute
the largest subsector in terms of value of output. Food processing
industries mainly consist of flour mills, bakeries, pasta and
macaroni factories, edible oil mills and sugar factories. The
total annual production capacity of flour mills is in the order
of 300,000 tons; and of oil-mills about 40,000 tons. There are
at present two sugar estates with a combined capacity of 180,000
tons of sugar per year. A third sugar estate having a first phase
annual capacity of 85,000 tons of sugar and 8,100m3
of ethanol is under development presently and is expected to become
operational by the end of 1997.
The beverage industry is comprised
of breweries, soft drink plants, mineral water plants, distilleries
and wineries. There are four breweries at present with an aggregate
annual capacity of 900,000 hectoliters. The soft drink plants
bottle coca-cola lines and pepsi-cola lines and are geographically
dispersed in several towns. There is one major mineral water bottling
plant satisfying over 90% of the country's
demand. Ethiopia produces wines of international standard but
are largely consumed domestically.
The only cigarette producing factory
is located in Addis Ababa and produces annually about three billion
pieces of different brands of cigarettes. The factory gets leaf
tobacco both from domestic plantations and from abroad.
b) Textiles and Garment
This is the largest subsector in
terms of employment. The subsector consists of seven integrated
textile mills, two spinning mills, two thread factories, one blanket
factory, two hessian sack factories, and five large-scale garment
factories. One privately owned integrated textile mill is under
construction and is expected to start operation in 1998. In addition,
there is a large number of cooperatives and individuals engaged
in traditional weaving and tailoring. The textile and garment
industries by and large cater for the domestic market. They are
currently facing stiff competition from imported fabrics and used
clothing.
c) Basic
Metals and Engineering
As might be expected this subsector
is at a low stage of development; but is fast developing. By 1995/96,
it accounted for 10.8% of the total gross value of production
of the manufacturing sector. The range of products manufactured
in the subsector includes galvanized roofing sheets, pipes, reinforcement
bars, nails, window and door frames, trusses, hand tools, implements,
pumps, and various metal fabrications. In addition to the above
products, there exist a couple of plants assembling trucks and
tractors. The engineering complex at Akaki produces a wide range
of industrial spare parts, hand tools and cutlery. The complex
consists of a machining shop, a foundry, a forging shop and a
chrome plating shop. There are strong indications of iron ore
deposit in the western part of the country which may enable the
setting up of an iron and steel complex in the future.
d) Leather and Footwear
Ethiopia has the largest livestock
population in Africa and the ninth largest in the world. Annual
off-take is in excess of ten million heads. In order to take advantage
of this enormous resource potential, the leather industry has
established itself well. There are six state-owned tanneries and
a number of smaller tanneries in the private sector. All the tanneries
process hides and skins to the stages of pickled, wet blue, crust
or finished leather. Finished leather is produced mainly for the
domestic market. The main export markets are Europe and Japan.
There is a large number of footwear
factories. The larger ones are state-owned and are engaged in
the production of footwear from leather, canvas and rubber. Privately-owned
footwear factories are much smaller in size and produce leather
and plastic footwear. Currently, all footwear production is for
the domestic market.
A number of tanneries and footwear
and leather goods factories are being set up by private companies
and the existing public ones are being privatized.
e) Chemicals
The chemicals industry produces toilet
soaps and laundry soaps, detergents, paints and lacquers, various
plastic products, car batteries and tyres. A number of projects
which have been under implementation recently including a Caustic
Soda Plant, an Aluminium Sulfate Factory, an Alkyd Resin Plant
and an expansion of a tyre plant have been completed and have
started operation. A Pesticides Formulation Plant is yet under
commissioning.
f) Non-Metallic Minerals
There are three cement plants in
the country at present. The one at Mugher is the largest and the
most modern. It consists of two lines, each of 1,000 tons of clinker
per day capacity. The other two cement plants are much smaller
and older; and employ obsolete machinery and equipment.
There are two marble making plants
at present. A ceramics plant, the first of its kind in the country,
was commissioned very recently. The plant produces tableware,
sanitary ware, and wall and floor tiles using domestically available
raw materials. There is one glass factory in Addis Ababa producing
bottles and tumblers. In addition to the above industries, there
are a few other plants producing clay bricks, cement blocks and
tubes, floor and roof tiles and lime for the construction industry.
g) Paper and Printing
There is only one paper mill in the
country. The mill produces about 10,000 tons of printing and wrapping
paper of different grades, and is dependent on imported pulp.
Other industries in the subsector include paper converting plants
producing stationaries, packing materials and toilet papers, and
a number of printing presses.
2.3 Size, Ownership and Geographic
Distribution
The manufacturing sector is distinctly
divided into two size groups; the large and medium scale industries
(LMSI) which are predominantly owned by the public sector and
the small scale industries (SSI) which are predominantly owned
by the private sector. According to the 1997 surveys, there are
642 LMSI establishments accounting for about 97% of the total
GVP of the manufacturing sector and, 2,731 SSI establishments
accounting for the remaining 3%.
Of the 642 LMSI's,
169 establishments are owned by the public sector while the remaining
473 belong to the private sector. Foreign investors own 2.4% of
the capital of the private sector industrial establishments. The
privatization process currently underway is expected to change
this ownership structure in the near future.
In terms of geographic distribution,
the biggest concentration of manufacturing enterprises is found
in Addis Ababa and along the 100 km stretch between Addis Ababa
and the town of Nazareth (Oromiya Region). Other towns where significant
levels of manufacturing activities could be observed include Bahir
Dar (the capital of Amhara Region) in the north-western part,
Dire Dawa some 500 kms east of Addis Ababa, Dessie/Combolcha (Amhara
Region) 400 kms north, and Awassa (the capital of the Southern
Peoples Region) 275 kms south.
2.4 Foreign Investment
The current conducive foreign investment
policy of the Government is attracting a considerable number of
foreign investments in the manufacturing sector. Between 1992
and 1997, a total of 46 foreign-promoted industrial projects with
a total investment capital of Birr 1.7 billion have been approved
by the Ethiopian Investment Authority. The implementation of three
projects namely a tannery, a soap manufacturing factory and a
computer assembly plant has already been completed and the units
are currently in operation. Further eight projects covering a
brewery and soft drinks, nylon fabrics, chipwood, carbon dioxide,
plastic packaging, non-metallic filler, roofing sheets, bulbs,
and tumblers, are expected to be operational very soon. The implementation
of the remaining 34 projects is well under progress.
3. POTENTIALS OF THE
SECTOR
3.1 Domestic
Market Potentials
Ethiopia, with a population of about
55 million, is the most populous country in Eastern and Southern
Africa and third in Africa after Nigeria and Egypt. This provides
a large internal market for industrially manufactured goods. The
current need of Ethiopia's
market both for processed and manufactured consumables and capital
goods is largely met through imports. This can be easily observed
from the figures presented in Tables I and II.
| Raw materials | 70.9 | 86.5 | 130.1 |
| Fuel | 820.8 | 725.6 | 993.3 |
| Semi-finished goods | 326.5 | 772.3 | 1,112.7 |
| Capital goods | 1,265.5 | 1,385.5 | 2,086.0 |
| Consumer goods | 1,132.9 | 1,664.8 | 2,125.3 |
| Miscellaneous | 2.2 | 105.7 | 98.2 |
| Total: | 3,618.8 | 4,740.4 | 6,545.6 |
From Table I, one can observe that
of the total import value of Birr 6.5 billion in 1994/95, 82.8%
or Birr 5.4 billion constituted industrially manufactured consumables
and capital goods. On the other hand, the contribution to the
GDP of the manufacturing sector, including small-scale industries
and handicrafts, was only about Birr 1.9 billion during the same
period.
| Domestic manufactures | 2,250.8 | 3,416.6 | 4,262.4 |
| Imported manufactures | 2,727.1 | 3,928.3 | 5,422.2 |
| Total: | 4,977.9 | 7,344.9 | 9,684.6 |
| 55 | 53 | 56 |
Table II demonstrates two basic phenomena
in the country's economy with
regard to manufactured goods consumption. Firstly, the economy
meets about 55% of its industrially manufactured goods requirement
from imports. Secondly, there exists a steadily growing domestic
market for manufactured products. These facts show that the output
of the domestic manufacturing sector falls short of the domestic
demand for manufactured goods, and its share has not been growing
in spite of the fact that the majority of industrially manufactured
products i.e. food, beverage, tobacco, chemical, metal, textile
etc., can be easily and competitively manufactured locally.
3.2 Export Prospects
Ethiopia has the potential to export
some basic manufactured products, such as processed agricultural
products, garments and leather products to the European and other
markets. The country is endowed with abundant natural resources
and diverse physical climate favoring the manufacturing sector.
Moreover, the geographical location of the country provides it
with an advantage of proximity to European and Middle East markets.
Ethiopia is a member of the Common
Market for Eastern and Southern Africa (COMESA) embracing 23 countries
in eastern and southern Africa with a total population of approximately
300 million. Exports and imports with member countries enjoy preferentially
tariff rates.
Export products from Ethiopia to
the European Union market are entitled to duty reductions or exemptions
and are free from all quota restrictions under the terms of the
Lome Convention. The trade preference accorded Ethiopia includes
duty free entry of all industrial manufactured products.
Under the generalized system of preference
(GSP), a wide range of Ethiopia's
manufactured products are entitled to preferential duty treatment
in the United States, Canada, Switzerland, Norway, Sweden, Finland,
Austria, Japan as well as most European Union countries. Besides,
no quantitative restrictions are applicable on Ethiopia's
exports of any of the 3,000 plus items currently eligible for
GSP treatment.
Ethiopia, with a population of about
55 million, has an abundant, hard-working, cheap and disciplined
work force. The minimum wage for unskilled labor is less than
USD 20 per month.
Ethiopia also has sufficiently skilled
and well-trained work force. Its technical and vocational training
schools, engineering colleges and universities annually produce
trained personnel in business, management, law, engineering, economics,
and accounting in fairly large numbers. Furthermore, the market
price of Ethiopian skilled personnel is very attractive. The starting
salaries of university graduates normally range between USD 90-140
per month depending on the field of study.
3.3 Tariff Protection
Currently, import duties on consumer
goods go as high as 80% whereas most imported raw materials destined
as input to industry are nominally taxed. The higher tax rates
apply on textiles, garments, electronic goods, vehicles and the
likes. This gives considerable protection to domestic manufacturers
of these goods. On the other hand, all exports are exempted from
taxes, hence encouraging manufacturing activities geared for the
export market.
The long term objective of the government's
economic policy is to bring about a structural transformation
of the economy in which the relative weights of agriculture, industry
and services change significantly in favour of the latter two.
This will raise appreciably the share of the industrial sector
in the economy both in terms of output and employment. The structural
transformation is envisaged to occur with a high growth of agriculture
which will still be superseded by the growth of industry and services.
The new economic policy attaches
great importance to the liberalization, privatization and internationalization
of the country's manufacturing
sector; with a commitment to replace the hitherto significant
role of the state with greater domestic and foreign private participation.
The government has adopted a long-term
development strategy known as Agriculture-Development-Led Industrialization
(ADLI). This development strategy envisages an agricultural-led
growth process, in which industry will increasingly play a prominent
role. In conformity with the country's
comparative advantage, manufacturing is expected to rely on labour
intensive technology and utilization of domestically available
raw materials. The strategy of Import Substitution Industrialization
(ISI), followed in the previous decades, is being replaced by
a strategy of integration into the world market, supported by
a policy stance of tariff reduction. The aim is to put the manufacturing
sector on a competitive basis internationally, so as to enable
the country to enhance its export of manufactures and progressively
shift the composition of its exports from primary agricultural
products to manufactured goods.
The ADLI strategy considers that
the agricultural sector will constitute a large market for industrialization
in terms of consumer goods, and to some extent, capital goods
and inputs. Consequently, the interdependent agricultural and
industrial development strategy adopted is expected to accelerate
the overall economic development. The ADLI strategy has the following
subsidiary targets:-
The ADLI strategy is intended to
promote an unhindered participation of the private sector in all
fields of economic activity, within a framework of private property
rights and competitive markets. It is expected that the external
and export sectors will be vital to the successful implementation
of the strategy.
To date, Ethiopia's
exports have relied on natural resources. Its exports, with minor
exceptions, are based on surplus venting, i.e., exploitation of
relatively abundant agricultural resources. For decades, there
has been only little improvement in the production of exportable
commodities. Farm level productivity of coffee, for instance,
has remained stagnant, on top of a significant amount of total
output being obtained from wild coffee trees. The availability
of hides and skins is dependent on a derived demand of the domestic
meat market. In the early years of exports, these products were
treated more or less as surplus resources. Over time, however,
the market for hides and skins came on its own, and some improvement
of quality took place, which has long ceased to show further progress.
Other small export items show similar dependence on venting surplus
land and natural resource advantage.
The strategy for export development
is therefore conceived along four lines in parallel, i.e., first,
to maximize the gains from surplus venting through productivity
improvement and cultivation of unused land; second, to utilize
the advantage of natural resources for exports of high value agricultural
products; third, to open a new basis of exports of manufactured
goods, grounded on the country's
comparative advantage of labour; and fourth, to discover exportable
mineral and fuel deposits.
By far the greatest potential for
growth lies in the export of manufactures, specially in textile
and clothing as well as leather products. The world market for
these products is huge, and has been shifting continuously from
the advanced to developing countries. Initial focus should be
on labour-intensive products where Ethiopia's
comparative advantage lies. This means clothing, and possibly
some leather products, in effect with imported inputs. Domestic
production of textile products, yarns and fabrics should aim at
a protected domestic market, and lower ends of foreign markets
where possible. Progress from semi-processed leather to fully-processed
leather could perhaps be attained with direct foreign investment
as a second step in the development of the leather industry.
It is vitally important that Ethiopia
enters the clothing export market urgently, before the approaching
termination of the Multi-fibre Agreement of quota system within
a decade. There are two reasons for this. First, clothing offers
a good possibility of increasing exports. Second, it is a good
entry point for the development of a competitive textile industry
in Ethiopia.
The proposed strategy is to encourage
domestic investment operating under international subcontracting,
and technical/management agreement, rather than attracting foreign
investment, which is bound to result in a much slower development
of the clothing industry. The local firms would, in effect, operate
on a fee basis for a CMT (cut, make and trim) service. Foreign
firms would provide training for technical as well as managerial
staff, choose or even supply fabrics and components, determine
design, and market the product under a multi-year contract. Additionally,
a management contract may well be needed to startup production,
at least for the bigger firms.
Although size is not a determinant
factor of productivity, clustering of firms could have a merit
of creating externalities. It makes growth of industry faster
through formal and information experience sharing and learning
from each other at both technical and management levels. The overriding
concern should be to attain an explosive growth of export-oriented
garment industry through favorable policies, effective policy
implementation, fostering of international subcontracting agreements,
and financing of domestic investment. Consultancy firms (foreign,
joint ventures, or domestic) could play a significant role by
promoting subcontracting agreements between foreign and domestic
firms.
Ethiopia has a resource advantage
in exports of semi-processed leather, and has a potential competitive
advantage in export of leather garments in the same sense as textile
clothing. In finished leather, the country is not competitive
yet. Thus the proposed strategy is two-pronged, i.e., increasing
the export of semi-processed leather and making an entry into
the export market for leather products, particularly garments.
The export of semi-processed leather may be expanded by raising
the availability of supply of raw hides and skins, quantitatively
and qualitatively, and increasing the capacity of processing by
establishing tanneries. This is not simple as it sounds. Particularly
to increase the availability of the raw product, it would be necessary
to take measures for the expansion of the modern marketing system
of meat and livestock, displacing traditional systems, and export
of meat. Being a derived supply, the availability of raw hides
and skins, if left to the domestic market for meat, would increase
only at the rate of growth of the domestic demand for meat, which
is dependent on growth of GDP and income elasticity of demand
(likely to be higher than unity).
The strategy to follow for making
an entry into the export market for leather products, particularly
garments, is the same as for export of clothing. Other leather
products, such as shoes and bags, should also be exported under
similar arrangements of international subcontracting with technical/management
assistance, in so far as it is possible to do so. To be clear,
this implies keeping the choice open between imported and domestically
supplied finished leather. There is a well tested pattern of international
trade as of recent years, in which a developing country exports
semi-processed leather, an advanced country processes it into
finished leather and exports it back to the developing country,
which then produces the leather article for export to the same
advanced country. Ethiopia should aim to get into this circuit
of trade.
A residual issue arises with this
strategy. How would the domestic industry of shoes and other finished
articles obtain its supply. In principle, the answer should be
by competing with export of leather. There are two concerns. If
too much of the leather is consumed domestically rather than exported,
the foreign exchange saved under the tariff barrier on finished
articles could become lower than the foreign exchange that would
have been earned by export of leather. If, alternately, the domestic
industry is unable to grow due to being out-competed by exports
in the domestic market of leather, the long term growth potential
of the industry could, it may be argued, be adversely affected
for the short term benefit of maximizing net foreign exchange
gains. These concerns would need to be examined through detailed
analysis of the entire domestic market of raw hides and skins,
leather and leather products, the domestic industry, level of
effective protection, and exports. The thrust of the export strategy
presented above is, however, expected to hold.
5. POTENTIAL AREAS OF
INVESTMENT IN MANUFACTURING
Investment opportunities abound in
manufacturing. These opportunities take advantage of the country's
comparative advantage in labour intensive industries, the potentially
large domestic market or the natural resource endowments of the
country. Ethiopia has a large supply of cheap, diligent, semi-skilled
and skilled labour which can be easily upgraded to the required
skill level. The labour is easily trainable and new skills can
be readily transferred to. The accumulated manufacturing experience
is also quite significant. It is to be noted that most of the
manufacturing enterprises in the country are wholly run by Ethiopian
managers, engineers and technicians.
The availability of cheap and skilled
labour provides comparative advantages and enhanced competitiveness
for labour intensive industries to be developed in the country
both for domestic and export markets. These advantages offer,
as already mentioned above, opportunities for investment in textile
garment and leather product industries, and possibly, in light
engineering and assembly type of operations.
These industries will further be
helped by Ethiopia's membership
of the Common Market for Eastern and Southern Africa (COMESA)
embracing 23 countries with a population of approximately 300
million. Ethiopia enjoys the benefits of preferential tariff rates
on exports to these countries. Under the terms of ACP/Lome convention,
export products from Ethiopia to the European Union market are
entitled to duty reductions or exemptions and freedom from all
quota restrictions. Also under the generalized system of preference
(GSP), a wide range of manufactured products are entitled to preferential
duty treatment in the U.S.A, Canada, Switzerland, Norway, Sweden,
Finland, Austria, Japan as well as most European Union countries.
The population of Ethiopia is estimated
at 55 million and the annual growth rate of the population is
slightly over 3%. This indicates the domestic market potential
and its possible growth which is indeed considerable. The large
and fast growing domestic market offers good prospects for investment
in and the development of consumer good industries such as food,
beverages, tobacco, plastic products, soap and detergents, drugs
and pharmaceuticals, paper and paper products as well as electrical
and electronic products.
Ethiopia is endowed with a variety
of natural resources which could support viable resource-based
industries. Of great significance in this respect is the prospect
for agro- and agriculture-based industries such as meat processing,
dairy processing, sugar, edible oil, and starch and glucose. Ethiopia
grows cotton and this could readily be expanded to support the
development of additional textile factories. The country further
possesses suitable agro-ecological zones for developing large-scale
plantations for rubber and pulp processing.
Mineral-based chemical and chemical
product industries also offer a great potential. The basic raw
materials for these industries include fossil fuels such as crude
oil, natural gas and coal; and non-metallic industrial minerals
such as limestone, sodium chloride, potassium chloride, pyrite,
soda ash, potash and phosphate rocks. Based on existing studies,
most of these and other minerals required for industrial processing,
including fertilizer production, could be developed locally.
Mineral explorations conducted some
years back have shown that there is about 58 million tons of iron
ore deposit containing 41.6% iron with 16.7% titanium in an area
called Bikilal in the western part of the country. A deposit of
about 200 million tones of coal has also been explored at a place
called Delbi in the south western part of the country. In addition,
a large quantity of natural gas deposit found at Calub, south-eastern
part of the country, is now ready for use.
6. SPECIFIC INVESTMENT
OPPORTUNITIES
A number of specific investment opportunities
in the manufacturing sector have been proposed in separate leaflets.
The list of this opportunities, which do not necessarily reflect
the priorities of the government, is provided below.
For further information, please contact
Ministry of Trade and Industry through the following address.
251-1-15 25 45
Fax: 251-1-51 54 11
| |
| 1. Overview of Economic Policy | |
| 2. Background to the Manufacturing Sector | |
| 2.1 Performance | |
| 2.2 Major Subsectors | |
| 2.3 Size, Ownership and Geographic Distribution | |
| 2.4 Foreign Investment | |
| 3. Potentials of the Sector | |
| 3.1 Domestic Market Potentials | |
| 3.2 Export Prospects | |
| 3.3 Tariff Protection | |
| 4. Sector Policies and Strategies | |
| 5. Potential Areas of Investment in Manufacturing | |
| 6. Specific Investment Opportunities |
始めへ