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Ethiopia keen to attract Indian investment in textiles

19
May '12
India is considered a major power in textiles sector, and hence, Ethiopia eyes benefiting from the country's knowledge and capital.

Ethiopia is keen to attract more investments from India in several sectors including textiles, said Dr. Gennet Zewdie, Ethiopian Ambassador to India, while speaking at an event organized by the Confederation of Indian Industry (CII).

The diplomat informed that Indian investments in Ethiopia have grown considerably over the past few years due to Ethiopia's favourable trade policies and potential to deliver good returns.

Till now Ethiopia has attracted investments worth around five billion USD from India, she said.

Meanwhile, an Indian jeans maker, considered to be the world's third largest jeans producing company, is in talks with concerned Government authorities for setting up a manufacturing unit in Ethiopia. The company plans to initially invest US$ 100 million to launch its operations in Ethiopia, Rajeev Arora, Executive Director of the African Cotton and Textile Industries Federation informed.

The textile and garment sector in Ethiopia has registered significant growth over the past five years, and experts believe that the sector can firmly establish itself in the world market by improving the product quality.

The Ethiopian Government is currently gearing up to generate considerable revenues from the textiles and garment sector.

Fibre2fashion News Desk - India


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