The Ethiopian Textile Industry Development Institute (TIDI) is expecting to earn US$250 million from textile exports in the current Ethiopian fiscal year that began on July 8, 2013, Ethiopian Radio and Television Agency reported.
Appraising on the performance of TIDI in last fiscal year to the Industry Affairs Standing Committee with the House of People’s Representatives (HPR), TIDI official also gave a brief about the Institute’s working plan for the ongoing fiscal year.
TIDI director general Sileshi Lemma said the Institute had planned to export US$ 113 million worth of textiles last fiscal, but it could only export textiles valued at US$ 101 million, chiefly due to the delay in commencement of new projects.
He said TIDI is expecting to export textiles worth US$ 250 million in the ongoing fiscal year.
He added that the Ethiopian textile sector is likely to create 8,000 new job opportunities during the ongoing fiscal year.
TIDI is one of the catalysts that are seen as helping Ethiopian textile industry achieve its goals, as set by the Government in its Five Years Growth and Transformation Plan (GTP). The plan envisages generating US$ 1 billion from export of textile products by the end of 2015, which would be a big leap from US$ 23.2 million registered in 2010.