Welspun Group, India’s leading textile conglomerate, has shown its interest in investing and joining Ethiopia’s textile industry.
B. K. Goenka, Chairman of the company, recently had discussions with Hailemariam Dessalegn, Prime Minister of Ethiopia on the side-lines of Davos World Economic Forum, which strives in all its efforts to demonstrate entrepreneurship in the global public interest. Speaking at the event, the Chief explained that he realized the favourable investment environment for the textile industry in Ethiopia. He also mentioned that the attention given for the construction of industry parks by the country has made him consider investing in Ethiopia.
Also Read – Ethiopia to get two new industrial parks for T&C industry
It may be noted that Ethiopian Government has signalled the construction the Bole Lemi II Industrial Park and an industrial zone in the Oromia Regional State in Jimma town, for the textile and garment industry. The total cost of the project is worth 5 billion birr.
He further informed of his plans to acquire a shade in one of the industrial parks and commence textile production.
Ethiopia has now become a hotbed for garment manufacturing with upcoming industrial parks. Some of the big giants from India such as Raymond Group, Arvind Limited, Kanoria Africa Textiles, etc. have already invested in the country to reap benefits of competitive labour cost and abundance availability of cotton and hydro-energy.
