Progressive polices attracts investments in textile sector

20 Mar '10

2 min read

Ethiopian Investment Agency (EIA)'s Agency Director, Abi Woldemeskel, while laying down the agency's performance report before the Trade and Industry Affairs Standing Committee in the House of Peoples' Representatives', stated that, during last five years, the agency has given out over 11,000 investment licences to local and overseas investors, whose aggregated funding came to 423 billion Birr.

He divulged that 295 billion Birr of the aggregated capital, has flowed from 6,255 foreign investment projects.

According to him, employment opportunities have been generated for over 130,000 citizens, from the projects which have entered the production phase and added that, as all the projects go fully functional, over two million other jobs will be created.

As the industry development strategy primarily concentrates on the textile and clothing, leather and leather products, this has lead to encouraging project implementation in these areas and 3,247 investment projects were ready for launch as there was satisfactory infrastructural development in accordance with the schemes, he said.

Kebede Abera, Chairman of the Standing Committee, opined that the efforts executed for encouraging the investment opportunities in the country needs to be further amplified. He said that optimal efforts need to be employed to establish a system facilitating the investors launch activities and to further boost up monitoring and support.

He also divulged that EIA has embarked on promotional activities focused towards capacity building of its workforce.

Fibre2fashion News Desk - India

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