Home / Knowledge / News / Apparel/Garments / Bangladeshi Ananta Group wants to invest $8 mn in Ethiopia

Bangladeshi Ananta Group wants to invest $8 mn in Ethiopia

Feb '19
Bangladeshi Ananta Group wants to invest $8 mn in Ethiopia
Bangladesh’s Ananta Apparels Limited, a unit of the Ananta Group, has sought Bangladesh Bank’s approval to invest $8 million in Ethiopia to set up an apparel factory there. The company submitted its proposal recently to the central bank claiming it wants to benefit from the tax benefits in the African nation along with duty-free access to the United States.

The company intends to invest $8 million in Ethiopia from its own fund and if any additional fund is required, it would be taken from other multinational financial institutions like the International Finance Corporation, it said.

Bangladesh Bank, however, has expressed its doubts about the viability of the plan, according to a report in a top Bangladesh newspaper.

The central bank officials have forwarded the proposal to the finance ministry, which is authorised to give permission to such proposals. A cabinet committee usually takes the final decision.

Seven companies have so far got government approval to invest abroad including the highest approval for $20 million to Akij Jute Mills, a concern of Akij Group, for procuring two Malaysian companies — Robin Resources Malaysia SDN BHD and its subsidiary Robina Flooring SDN BHD.

The Ananta Group feels Bangladeshi products would face high taxation when the country would be graduated to the status of a developing nation.

Established in 1992, Ananta Apparels supply products to global brands like H&M, Zara, Gap, Levi’s and Marks & Spencer. (DS)

Fibre2Fashion News Desk – India

Must ReadView All

Pic: Shutterstock

Textiles | On 13th May 2021

UK GDP contracted 1.5% in Q1: ONS

The gross domestic product (GDP) of UK is estimated to have...

Pic: Shutterstock

Apparel/Garments | On 13th May 2021

Vietnamese garment manufacturers must boost production: Report

Garment manufacturers in Vietnam need to boost their production...

Pic: The Resilience Fund for Women in Global Value Chains

Apparel/Garments | On 13th May 2021

New fund launched to support women in global value chains

A first-of-its-kind collaborative funding initiative, The Resilience...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchain is not a silver bullet for each and every problem in supply...

Textile Industry, Head honchos

Textile Industry
Head honchos

We are staring at livelihood crisis for weavers

Textile Industry, Head honchos

Textile Industry
Head honchos

Main challenges are breakdown of supply chain and shrinkage of manpower

Dhirubhai & Arvind Shah,

Dhirubhai & Arvind Shah

It supplies synthetic fabrics to top international brands like M&S,...

Shyam Gupta,

Shyam Gupta

Established by <b>Shyam Gupta</b> in 1978, Gargee Designer's (GD) offers...

Amanda Cioletti,

Amanda Cioletti

The entertainment/character segment lead as the largest sector for the...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Andreas Lukas, Andritz Nonwoven

Andreas Lukas
Andritz Nonwoven

With forces in engineering and process development, Andritz Nonwoven...

Dave Rousse, INDA

Dave Rousse

INDA, a global association of the nonwoven fabrics industry, has been...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha &amp; Jigar blends India's unique handcrafts...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj

Samshek is a fashion forward tech brand which combines digital experience...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

May 2021

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

Advanced Search