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Turkish textile companies plan relocation to Ethiopia
08
Aug '13
Around 50 Turkish textile and apparel companies are planning their relocation to Ethiopia, after Ayka Addis Textile and Investment Group submitted a proposal to establish an industrial zone in the country.
 
The proposal was submitted to the Ministry of Industry and has been already accepted, and the Government of Ethiopia is currently allocating land around the capital city of Addis Ababa for the industrial zone.
 
The relocation of the companies is expected to create US$ 2 billion per annum in revenue and more than 60,000 job opportunities in Ethiopia.
 
The construction of the zone would take place in three phases and would be overseen by the Ayka Group. The zone will consist of several five-storey buildings, which would be rented or sold to the new companies that are planning to relocate.
 
The project is expected to significantly contribute to the Ethiopian Government’s plan to double the export revenue for the next budget year.
 
Ayka Addis Group’s factory in Addis Ababa, which went operational in 2010, has a capacity to export textile products worth US$ 100 million per annum. The factory employs more than 10,000 local residents. 
 

Fibre2fashion News Desk - India


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