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H&M to help develop responsible Ethiopian textile industry
03
Sep '14
Swedish fashion retailer H&M in partnership with Swedfund will help in development of a responsible textile industry in Ethiopia, with high social and environmental standards.

H&M will contribute with its expertise of the textile market and adopting sustainable practices to its suppliers, in whose ventures Swedfund will invest in.

On the other hand, Swedfund will provide local market expertise and capital to expand to H&M suppliers.

The main objective of the partnership is to build a strong domestic industry, crucial for job creation in Ethiopia and ensure that added value from the textile industry will to a larger extent remain in the country.

The cooperation which will start in autumn of 2014, will also involve both parties setting standards for sustainable production and follow-up indicators such as water use and wages.

Swedfund owned by the Government of Sweden provides risk capital, expertise and financial support for investments in the emerging markets of Africa, Asia, Latin America and Eastern Europe.

Together with its partners like H&M, Swedfund has invested in more than 220 companies during the 30 years of our existence.

“We see the cooperation as an opportunity to get involved in Ethiopia’s growing textile industry at an early stage and to contribute to job creation”, says Karl-Johan Persson, CEO at H&M.

“We have for many years worked in existing manufacturing countries to improve working conditions and environment. This experience is included with the establishment of cooperation with Ethiopian suppliers”, he added.

“Through this unique partnership with H&M, our goal is to contribute to developing the textile industry in Ethiopia, thus creating jobs with good working conditions that lift people out of poverty, especially women”, says Anna Ryott, CEO at Swedfund. (AR)

Fibre2fashion News Desk - India

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