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Govt lures Turkish textile sector for investment
20
Aug '08
The Ethiopian Government is planning to bring at least six global textile giants to the country during the fiscal 2008/09. In order to put this plan into action, the authorities had recently send a delegation to Turkey for inviting investments.

The group of representatives was led by Beyene G Meskel, Director General of the Privatization and Public Enterprises Supervisory Agency (PPESA). During the meeting the delegates discussed various investment opportunities like incentives and joint venture options that Ethiopia is ready to offer.

The Government is seeing Turkey as a nation that can make maximum investment in Ethiopia. Turkish entrepreneurs have previously relocated their enterprises to various African and Asian regions, because of availability of cheap labour and low cost of production.

The Ministry of Trade and Industry (MOTI) is eying on the textile sector as it wants to uplift this industry for generating foreign currency. The authorities aim to have yearly revenue of approximately US $500 million by 2011, for which the Government must bring nearly 190 enterprises that can make the capital investment of $1.6 billion.

MOTI aims to install around 48 units for threading, approximately 31 for grey textile production, nearly 22 in knitted sector, 53 in woven, 31 in garment and 6 for finished textile.

The shifting of Ayka Textile Industry of Turkey, two years back has made the local Government optimistic about the possibility of other big textile companies relocate their bases in Ethiopia.

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