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Chinese firm to set up textile industrial zone in Ethiopia
23
May '14
A Chinese textile company, Zhejiang Jinda Flax Llc, in collaboration with the Ethiopian Ministry of Industry, is going to set up a textile industrial zone in the Bole district of the capital Addis Ababa, reports Addis Fortune.
 
A memorandum of understanding (MoU) between the Ministry of Industry and the Chinese firm was signed in mid-May 2014, and a formal investment agreement is likely to be signed by July-end this year, according to the report.
 
As per the MoU, the Ministry and Zhejiang Jinda Flax would jointly set up a new company by the name of Kingdom Linen Textile Industrial Zone, which would oversee the construction and development of the textile industrial zone project.
 
Zhejing Jinda, a subsidiary of Chinese Kingdom Holdings Limited, produces textile decoration fabrics such as weave fabrics, yarn decorated fabrics and calico (not fully processed fabrics) printing fabrics, which have a wide use in sofa covers, curtains, etc.
 
The construction work for phase one of the industrial zone project would begin before June 2015.
 
The Eastern Industrial Zone in Dukem, about 37 km from Addis Ababa, set up on 200 hectares of area, is the only private operational zone in Ethiopia which was established in partnership with Chinese investors. The zone currently has eleven companies which are engaged in manufacturing of textile, clothing and leather products.
 
In recent months, several foreign companies have expressed their intention to invest in the textile sector in Ethiopia. In March this year, Turkish textile manufacturing firm announced that it would be investing US$ 175 million for constructing a textile plant in the Ejere town of the Oromia region of Ethiopia.
 
Earlier this month, India-based ShriVallabh Pittie (SVP) Group announced that it would set up a $550 million spinning mill in Kombolcha town, located in the Debub Wollo Zone of Ethiopia’s Amhara Region.
 

Fibre2fashion News Desk - India

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