Ethiopia Seeks Indian Investment in Textile Industry
September 26,2017 I News
Ethiopia, one of the fastest growing countries in Africa and has quickly become a global procurement center for the textile and garment industry, seeking India's investment in the textile industry.
In order to promoting Indian investment in the textile and apparel sector in Ethiopia, a high level delegationis visiting major textile clusters in India to provide investment opportunitiestopotential investors and entrepreneurs.
Mr. Sileshi Lemma, General Directorthe Ethiopian Institute of Textile Industry Development, outlined the industry and business climate in Ethiopia and described the incentives and important initiatives taken by the Government to support the development of textile and apparel industry.
Supporting Indian Trade and Investment for Africa (SITA) is organizing seminars from 17-21 July 2017to promote business collaborations between Indian and Ethiopian companies.
Minister Feleke expressed his appreciation for SITA’s efforts to support the long-term development of the Ethiopian textile industry. he commented,concerning the potential investment opportunities in the industry, "We are strong confirmed that the textile industry will play an important role in the national industry development strategy of the nation."
Because of the presence of low labour cost and skilled and highly-motivated workforce, Ethiopia’s textile and clothing industry is undergoing major development. Ethiopian delegation responded to the various queries from the Indian counterparts, ranging from labour, skill development and capacity building initiatives to financial and the regulatory regime also sustainability.
Ethiopia is expected to become the hub of textile manufacturing within the next 4-5 years. The Government has the vision and commitment – we are looking at over 150 potential investors and the creation of nearly 174,000 jobs in the sector by 2025.
