Final negotiation in progress to secure Turkish textile investment in Ethiopia

YarnsandFibers News Bureau 2014-05-06 14:30:00 – Ethiopia

After the successful establishment of an integrated textile and garment plan in Ethiopia by Ayka Addis, a subsidiary of Ayka Textile industry in 2007. Ethiopia is now in talks with another Turkish textile manufacturer Akber, who are expressed interest last year to construct the textile plant in Ethiopia which will be the biggest so far.

The final negotiations are in progress to secure a planned investment by Turkish textile manufacturer, Akber. The investment is being prepared but not yet finalized.

Ethiopia is proving to be an increasing favourable destination for foreign investment in textiles and clothing due to its rapid growing economy, political stability and location advantage particularly as Ethiopia is relatively close to Europe. However, there is abundance of cheap labour required for the textile industry and low energy costs.

Foreign investors particular from Turkey, India and China are showing interest in Ethiopian textile and clothing sector has it is offering numerous benefits for the investors.

According to Ethiopian Textile Industry Development Institution (TIDI) the talks with Turkish textile manufacturer are taking place but the final agreement is not yet signed.

Ethiopia is keen on closing the final negotiation round successful as it will be beneficial for both, the Turkish firm on completion of its textile plan in Ethiopia will make its annual production capacity worth $90 million and it is also expected to create around 9,000 to 10,000 jobs in the region, which will be larger than any operating textile factory in the country.

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