A four person Chinese business delegation led by Kong Xiangjun, Board Chairman of Giangsu Lianfa Textile Company Limited has disclosed that it has finalized pre-investment assessment to build a huge textile factory in Addis Ababa with over 500 million USD.

On the occasion, Xiangjun told President Mulatu Teshome that his company has decided to invest in Ethiopia after making similar pre-investment assessments in Kenya, Uganda, and Tanzania.

The textile industry would create more than 20,000 jobs when it goes operational.

Ethiopia’s cheap labor and electricity, vast arable land as well as various quota and duty free opportunities to the U.S and EU market would make the company profitable.

Moreover, textile being among priorities for the Ethiopian Government, Pesident Mulatu said that the government would provide all the necessary support for the company.