Home / Knowledge / News / Textiles / Ethiopia sets $1 billion target for textile export
Ethiopia sets $1 billion target for textile export
15
Apr '15
Ethiopia’s Textile Industry Development Institute (TIDI) has forecast $ one billion in annual revenue from textile and garment export during the second phase of the growth and transformation plan (GTP II), according to media reports in the country. 
 
In a bid to make the nation the major exporter of textile products, the government has extended attractive incentive packages to boost production of the manufacturing industry subsector.
 
“We are working to be a leading country in light manufacturing in Africa which will lay the foundation for heavy and high tech industries by 2025,” TIDI director general Sileshi Lemma said at a recent workshop to brief manufacturers on the government’s plans for the sector.
 
According to the director general, more than 152 new investments are expected during the second growth and transformation plan, while at least $ one billion is anticipated from the sector’s export. The GTP II is also expected to create more than 170,000 job opportunities.
 
In order to realise the ambitious plan, Sileshi said that the country is building at least ten industrial zones and all of them will be set up by the government.
 
Textile Industry is considered as a number one priority by the Government’s Industrial Development Strategy even during the current GTP which ends in June 2015. However, the sector’s performance has not been satisfactory during the GTP I period with annual earnings from export not exceeding $100 million. The sector has also been plagued with shortage of raw materials, inefficiency, and lack of technological applications.
 
But the government insists that the future for the sector is bright. It has provided incentive for private sectors so as to attract more investment in the sector with 100 per cent duty free import of machineries and equipment.
 
Similarly, duty free import of spare parts of 15 per cent of capital goods for the first five years of operation, the possibility to hire expatriates free from income tax provided they stay for no more than two years, and reconciliation of VAT for materials purchased locally during the project period is possible if declared in six months, are among the incentives provided by the government. (SH)
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 24th Jul 2017

Gartex all set to feature garment, textile solutions

Complete value chain of garment and textile manufacturing solutions...

Courtesy: Abercrombie & Fitch

Apparel/Garments | On 23rd Jul 2017

Abercrombie & Fitch launches products on Alibaba Tmall

Abercrombie & Fitch has announced the launch of Abercrombie & Fitch...

Apparel/Garments | On 23rd Jul 2017

NRF urges Congress to reject border adjustment tax

The National Retail Federation has urged Congress to reject a...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X