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Saygin eyes US$100mn revenue from Ethiopian subsidiary
12 Jun '12
1 min read
Saygin Dima Textile SC, the Ethiopian subsidiary of Saygin Group, is planning to earn revenue of US$ 100 million per annum fom textile production.
The Saygin Group commenced operations at its Ethiopian unit only about three months ago. The company now plans to produce 50,000 metres of fabric per day, all meant for exports.
The Ethiopian Privatization and Public Enterprises Supervising Agency holds a 60 percent stake in the US$ 80 million Saygin plant, which employs 800 people.
Saygin’s Ethiopian manufacturing unit has facilities for spinning, weaving and dyeing natural and synthetic fibres.
The Turkish company benefits from the low power costs and wages in Ethiopia. In addition, textiles produced in Ethiopia enjoy duty-free access to the US market, which also goes in favour of Saygin.
During the first ten months of the current Ethiopian financial year, Ethiopia exported textiles worth US$ 71 million, showing a 50 percent rise compared to the corresponding period of previous fiscal, according to the Textile Industry Development Institute (TIDI).
Fibre2fashion Newsdesk - India
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