Ethiopia Earns 40 Mln USD from Textile Export in Quarter

Addis Ababa October 23/2013 (ENA) Ethiopian Textile Industry Development Institute (ETIDI) disclosed that it has generated 40 million USD revenues from textile and apparel export trade in the past three months.

The institute discussed on its first quarter performance and the ten-year prospective development plan on Thursday.

During the discussion, ETIDI Director-General, Seleshi Lema said the institute has generated 40 million USD from the textile and apparel export trade in the first quarter of the Ethiopian Fiscal Year that begun on July 9.

The revenue exceeds the target by more than 10 million USD, according to Seleshi.

The institute has been supplying COVID-19 protective clothes, textiles and apparel to the international market and this has contributed for the better performance registered over the past three months, he said.

The 10-year prospective development plan of the institute focuses mainly on increasing foreign currency to the national economy, enhancing domestic industrial inputs and jobs creation.

The institute planed to increase the cotton coverage from 55 hectares to 411, produce 2.35 tons of cotton, and secure 1.2 billion USD over the coming ten years.

The plan also strives to create 345,000 jobs in ten years period.

According to the Director-General, the institute envisions to enhance domestic cotton production investments as per its ten-year plan.

The targets will be realized through the expansion of textile and apparel industries across the country with world standard quality products and increase market destinations.