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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


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