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Ethiopia aims for $30 bn forex from textiles by 2030Wednesday, July 26, 2017 > 11:10:50
Ethiopia aims to generate $30 bn in foreign exchange earnings from the textiles and clothing sector by 2030, according to Ethiopian state minister of industry Bogale Feleke. Ethiopia, one of the fastest growing economies of Africa, is on the constant effort to increase its cotton production. In a year, Ethiopia produces around one lakh tonnes of cotton.
"We intend to increase our area of cotton production. At present, only 20 per cent of three million hectare is used for cotton production while we aim to increase to around 80 per cent," said Feleke.
Ethiopia has nearly 175 textile units. Now, it is seeking India's investment in its textiles industry. It is increasing investment scope with the provision of power and labour at an affordable price, said Feleke while speaking at the workshop on investment opportunities in Ethiopian textiles. The workshop was hosted by Ethiopian Investment Promotion and International Trade Centre and The Southern India Mills' Association.
With a workforce of more than forty-seven million, the country offers a large supply of valuable human resources at affordable wages. With the growing population, Ethiopia is striving hard to generate employment opportunities. By 2020, we intend to have around 150 companies in textiles, said Feleke adding that Ethiopia is in the process of developing 13 industrial parks.
After Vietnam, Ethiopia is the second largest country to attract foreign direct investment in textiles, according to World Investment report 2016. (RR)