Home / Knowledge / News / Textiles / Third Turkish textile firm relocates to Ethiopia
Third Turkish textile firm relocates to Ethiopia
19
Jan '10
A Ethiopian government delegation is going to undertake a tour of Turkey to close a deal to relocate a textile company from Turkey to Ethiopia and which could mean a third textile Turkey based enterprise shifting to the African country.

Selenteks Textile, the 100 percent wool-based products manufacturing company, which was set up in 1986, will set up the plant in a joint-venture with Ethiopian government, which will hold a 35 percent share, while the rest will be held by Selenteks.

The company's existing assets, technology and market network will account for its 65 percent share. The delegation will visit to assess whether the assets shore up for the 65 percent share the company will hold in the joint-venture.

Turkish investors are attracted to Ethiopia, due to the rising costs at home and also due to duty-free access it gets to the lucrative US markets on account of Ethiopia being one of the member nations of the African Growth and Opportunity Act (AGOA).

Apart from the above, the Ethiopian government provides export incentives such as duty-free import of capital goods, income tax exemptions, and loans for new investments and expansions.

Earlier, Ayca Addis and Saigin Dima SC, both textile firms have relocated to the country. Ayca which is the biggest textile company in Ethiopia has a production capacity of 20 tons of yarns per day.

The other company, Saigin Dima, is undertaking the construction of the factory which will have an output of 10 tons of yarn per day and in which the government holds a 51 percent stake.

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 27th Mar 2017

NYCEDC announces $51mn package for NYC garment industry

New York City Economic Development Corporation (NYCEDC), in...

Apparel/Garments | On 27th Mar 2017

Fynd raises $500K Series A funding from Venture Catalysts

Fynd, an online to offline (O2O) e-commerce fashion marketplace, has...

Apparel/Garments | On 27th Mar 2017

India's fashion market to touch $30 bn by 2020: Report

The fashion market in India is estimated at $70 billion in 2016, with ...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Urs Stalder
Sanitized AG

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

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search