Home / Knowledge / News / Apparel/Garments / Youngone Corp to invest in Ethiopia's textile sector
Youngone Corp to invest in Ethiopia's textile sector
May '16
Youngone Corporation, a South Korea based textile and footwear manufacturer, is planning to invest in Ethiopia's textile sector.

Youngone is ready to engage in textile and apparel manufacturing in Ethiopia as quickly as possible, the company's chairman Kihak Sung told reporters after meeting prime minister Hailemariam Dessalgen in Addis Ababa, Ethiopian News Agency reported.

Sung said Youngone wants to invest hugely and make textiles its gateway to the Ethiopian market.

Youngone has already carried out feasibility studies in Bole Lemi and Adama industrial parks as part of its plan to invest in Ethiopian textile sector, according to Ethiopia's ambassador to South Korea, Shiferaw Jarso.

The announcement by Youngone comes soon after a visit by South Korean president Park Geun-hye's visit to the African country.

Currently, Ethiopian government is finalising a plan to set up a textile industrial complex for South Korean companies in the central Ethiopian city of Adama. To attract investment, the government is also considering a move to offer tax sops to South Korean textile companies.

By investing and producing finished goods in Ethiopia, South Korean companies can export them to the US and the EU without tariffs, which could give a competitive advantage. (RKS)

Fibre2Fashion News Desk – India

Must ReadView All

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Courtesy: Alizilla

Apparel/Garments | On 24th Mar 2017

Alibaba's eWTP finds first overseas base in Malaysia

In a step towards using the internet to bring small businesses around ...

Textiles | On 24th Mar 2017

BJMC to produce cotton-jute blended denim fabrics

To meet demand from the market, Bangladesh Jute Mills Corporation...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search