Banteyihun Gessesse, director of communications of TIDI, said during a press conference in Addis Ababa, that the textile giant has already secured a 13.5 hectare plot of land in the town on which the factory would be built.
According to the TIDI official, the new textile plant, the construction of which would take at least two to three years, is expected to create around 9,000 to 10,000 jobs in the region, which is larger than any operating textile factory in the country.
The Turkish firm expects to make its annual production capacity worth $90 million, on completion of the textile plant in Ethiopia, and is currently undertaking a project study that will enable it to secure loans from the Development Bank of Ethiopia (DBE), the TIDI official added.
Last year, several Turkish companies showed interest in setting up their production units in Ethiopia, after a proposal by the Ayka Addis Textile and Investment Group for establishing an industrial zone in the country was accepted by the Ministry of Industry.
The relocation of the Turkish companies is expected to create US$ 2 billion per annum in revenue and more than 60,000 job opportunities in Ethiopia.
Fibre2fashion News Desk - India
Weak rupee breeds inflation
Indo Count Retail Ventures
Today, there is no other emerging market as India, "we make in India and...
Technical textiles industry moving back to Europe
Fynd is the central online shopping destination for fashion, offering...
Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...
The China Textile Machinery Association (CTMA) is a social-economic...
Schlegel und Partner GmbH
<div>Schlegel und Partner is the market research and consultancy company...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
EDANA, the international association serving the nonwovens and related...
The hype around 'designer jeans' was created by him. And the new wave of...
Label Ritu Kumar
‘Classics will return’ "There are a lot of people wearing western clothes ...
<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...