Ethiopia's membership to the Extractive Industries Transparency Initiative (EITI) would help the country ensure transparency in the extractive industry, President Mulatu Teshome said.
Speaking at a meeting organized in connection with the acceptance of Ethiopia's candidature, the President said the country has been working to be member of the Initiative.
Mines Minister, Tolosa Shagi for his part said implementing the standards of the Initiative will consolidate the democratization process and ensure transparency.
According to the EITI standard and transitional arrangements, the country must produce its first EITI report within two years from becoming candidate and validation will start within three years.
Ethiopia has large untapped reserves of minerals that could help the country diversify its agriculture-centered economy. The country has reserves of gold, tantalum, potash, platinum and copper.