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.
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