Mediatek Plans To Invest $500 Million In Textiles In Africa

Jiangsu Lian FA textile company plans to set up a major textile factory in Ethiopia closer to its goal. After the initial investment plan, it plans to invest $500 million to build the factory in September.

The plan to invest in Ethiopia is the decision made after assessing Kenya, Uganda and Tanzania. The enterprise has been engaged in China. Spin Business includes 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.

Development of textile industry in Ethiopia research institute (ETIDI) spokesman Bantihun Gessese said, "we have decided to invest in Ethiopia as we provide foreign investors with cheap electricity, export of textiles and tax-free concessions for machinery imports, cheap labor costs and good land use rights."

The textile industry mainly exports plain woven and garment products, including formal and casual men's wear and women's wear. The main markets are North America, the European Union, Southeast Asia, South America and Mainland China.

　 Suihua Dachang textile exports to European countries

November 2nd, Beilin Tung Fu Industrial Park, Suihua Dachang Textile Co., Ltd., the construction site of the textile and garment processing project, workers are building factories. This project was invested by 200 million yuan by Shenzhen's Portman textile and Garment Co., Ltd. after its commissioning, it processed 10 thousand flax yarn and 2 million linen cloth annually, and the products were mainly exported to European countries. The annual output value was 200 million yuan, and the profits and taxes were 32 million yuan.