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Third Turkish textile firm relocates to Ethiopia

19
Jan '10
A Ethiopian government delegation is going to undertake a tour of Turkey to close a deal to relocate a textile company from Turkey to Ethiopia and which could mean a third textile Turkey based enterprise shifting to the African country.

Selenteks Textile, the 100 percent wool-based products manufacturing company, which was set up in 1986, will set up the plant in a joint-venture with Ethiopian government, which will hold a 35 percent share, while the rest will be held by Selenteks.

The company's existing assets, technology and market network will account for its 65 percent share. The delegation will visit to assess whether the assets shore up for the 65 percent share the company will hold in the joint-venture.

Turkish investors are attracted to Ethiopia, due to the rising costs at home and also due to duty-free access it gets to the lucrative US markets on account of Ethiopia being one of the member nations of the African Growth and Opportunity Act (AGOA).

Apart from the above, the Ethiopian government provides export incentives such as duty-free import of capital goods, income tax exemptions, and loans for new investments and expansions.

Earlier, Ayca Addis and Saigin Dima SC, both textile firms have relocated to the country. Ayca which is the biggest textile company in Ethiopia has a production capacity of 20 tons of yarns per day.

The other company, Saigin Dima, is undertaking the construction of the factory which will have an output of 10 tons of yarn per day and in which the government holds a 51 percent stake.

Fibre2fashion News Desk - India


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