Gov’t Committed to Support, Encourage Textile Investment

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Addis Ababa March 23/2023 /ENA/ The government is committed to support and encourage textile investment activities in Ethiopia, State Minister of Finance Semereta Sewasew said.

This was disclosed during a discussion she held with the CEO and Managing Director of Kanoria Africa Textiles PLC, Ashish Agarawal.

 During the occasion, the State Minister reaffirmed commitment of the government support and encourage investment activities in Ethiopia in particular such companies that are engaged in exports and employ youth and women.

 The both sides agreed to jointly work to attract more investment to Ethiopia and to work for more access to various markets.

 Kanoria Africa Textiles PLC was established in 2012 and the building work started by mid of 2013. It was officially inaugurated in October 2015 and started its commercial operation in April 2016.

 The company was established with an investment of 52 million USD with the lion share of funding from the Export-import Bank of India and investors.

 It is located at Keta Industrial zone around Bishoftu South Exit on Addis Ababa - Adama Express way. The company is employing around 1200 employees providing free food and transport.

 The major raw material of the company is Cotton which involves thousands of farmers across the country (Gambella, Afar, Metema, Gondar, Arbaminch, and Humera & Dansa), and some raw materials like dyestuff, chemicals, and stretch yarn are imported.

 Kanoria Africa Textiles is exporting Denim fabric to various countries across the globe and to many local garment manufacturing companies across the country which involves thousands of workforces.

 The company is an anchor industry by creating the highest possible value chain from cotton farm to the garment retails and plays a vital role in the country's socio-economic development.

Ethiopian News Agency
2023