Chinese Companies Invest $500 Million In Textile Mills In Ethiopia

The goal of establishing a major textile factory in Ethiopia is closer to implementation. After the initial investment plan, it is estimated that the plan to invest 500 million US dollars to build the factory will be finalized in September.

The plan to invest in Ethiopia is the decision made after assessing Kenya, Uganda and Tanzania.

The enterprise has engaged in textile business in China, including spinning, dyeing, weaving, printing and finishing.

The delegation of the textile company headed by its chairman, Kong Xiangiun, visited Ethiopia in August and met with government officials including the president Mulatu Teshome.

The Ethiopia government has expressed its full support to the delegation, which is the third-largest manufacturing industry in the country, and the source of its export revenue is increasing.

Ethiopia textile

Bantihun Gessese, a spokesman for the ETIDI, said: "as we provide foreign investors with cheap electricity, textile exports and favorable tax concessions for machinery imports, cheap labor costs and good land use rights, the company has decided to invest in Ethiopia."

The textile enterprises mainly export plain woven and garment products.

Formal and casual men's and women's wear, the main markets are North America, the European Union, Southeast Asia, South America and Mainland China.