Nepsa Textile Plc, which is a subsidiary of one of the major textile producers in Turkey, is opening a factory in Ethiopia with an initial investment capital of ETB 25 million.
According to the Vice Commissioner of the Oromia Investment Commission, Mr. Mohammed Ibrahim, the regional government has already provided a 7.5 hectare plot of land to the company in Sebeta, Oromia zone.
The company is in talks with the officials from Oromia regarding finalizing the deal and starting the construction of the factory in Sebeta, which is a town 25 Km west of Addis Ababa, where there has been a tremendous increase in the number of real estate development, steel manufacturing, textile and other investment ventures.
As per its production program, Nepsa Textile Plc will supply 50 percent of products to the domestic market and will export the other half to the world market, including Turkey.
According to the industry observers, Nepsa Textile's investments in Ethiopia will be beneficial in terms of technology transfer and job creation as it is one of the biggest textile companies in Turkey.
As per the information received from diplomatic sources, Nepsa Textile Company decided to invest in Ethiopia, after a trade delegation from Ethiopia visited Turkey, including officials from the ministry of foreign affairs, who introduced Ethiopia to the business community in Turkey.
The establishment of the biggest textile factory in Ethiopia, Ayka Textile Plc, a subsidiary of one of the giant Turkish textile companies has also been attracting other prospective Turkish investors in Ethiopia.
The number of Turkish investors motivated to invest in Ethiopia is steadily but surely increasing over the last few years.
Fibre2fashion News Desk - India
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