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19 Mar 2019, Edition - 1344, Tuesday

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Coimbatore

Ethiopia invites more textile companies to invest in the country

Covai Post Network

Ethiopia today invited textile companies from India to invest in that country.

The country has seen investments from Indian firms in the past and is on an overdrive to bring more companies, Ethiopian State Minister of Industry, Bogale Feleke said here.

Addressing a workshop on cotton textile and export organised by Southern India Mills Association, Feleke said “we are seeing good interest.”

Ethiopia, which has seen major investments from Indian, Chinese and Turkish firms, is targeting 30 billion dollars in foreign exchange earnings from the textiles sector by 2030, he said.

Ethiopia is the second largest recipient of Foreign Direct Investment in textiles globally after Vietnam having attracted 3.2 billion dollars till 2016, Sileshi Lemma, Director General, Ethiopina Textile Industry Development Institute said.

To attract investments, Ethiopia is offering cheaper power and lower labour costs compared to India, he said.

While power costs three cents per unit (around Rs two), labour costs are only 60 dollars (Rs 3,900) per month in the African country, Lemma pointed out.

Stating that the country has an installed power capacity of 4,600 mw, being generated almost entirely from hydel units, he said that it is aiming to increase the installed capacity to 17,100 mw by 2025.

Besides the nation is aiming to increase the area under cotton from the present six lakh hectares, Feleke said adding ” We have not yet utilised our potential in cotton production and about 3 million hectares can be made available for cotton cultivation.”

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