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American firms mull investing in Ethiopian textile sector
03
May '14
President Teshome (R) with Mr. Green/ENA
President Teshome (R) with Mr. Green/ENA
A delegation of investors from the US, led by Mark Green, vice president of Phillips-Van Heusen (PVH) visited industrial zones built different parts of Ethiopia and also met the country’s President Mulatu Teshome in Addis Ababa earlier this week, reports Ethiopian News Agency.
 
The visiting 40-member delegation comprised representatives of some of the leading global apparel firms like PVH and VF Corporation.
 
The favourable investment policy in Ethiopia, along with availability of vast human resources and power supply, has caught the attention of western investors, Mr. Green told the President.
 
The setting up of industrial zones in different parts of the country shows that the Ethiopian Government is determined to bring about structural change in the country’s industrial manufacturing. Hence, American companies are keen on investing in Ethiopian textile and garment sector, he added.
 
President Teshome said the Ethiopian Government particularly encourages investors engaged in the industrial sector, and added that the American investors would stand to benefit if they seize the opportunity to invest at a time when there is favourable policy and there is abundant labour.
 
The President noted that Ethiopia is suitable for textile and garment manufacturing as cotton is cultivated in the country on more than three million hectares of land. In addition, the investors would also be able to easily access the US market under the African Growth and Opportunities Act (AGOA) provisions.
 

Fibre2fashion News Desk - India

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