Turkish investors inaugurated a textile mill in Ethiopia last week, in what is called the biggest textile plant to be set up in the country. Present were, Prime Minister, Meles Zenawi and Girma Birru, Minister of Trade and Industry.
The plant will currently employ around 5,000 workers and its peak will provide over 10,000 jobs to people from the province. The plant has been relocated by a Turkish firm; Ayka from Turkey and has invested US $100 million to set up the plant.
The production capacity of the spinning plant is 20 tons of yarn per day and the capacity of the knitting and dyeing plant is 40 tons per day. The textile mill is expected to generate export revenues of $70 million in the first year and $100 million in the second.
This project was personally overseen by the Prime Minister, who took personal interest in the setting up of the plant, to ensure that all problems were sorted out. The Development Bank of Ethiopia too has extended term loans for the project.
Speaking on the occasion of the inauguration, Girma Birru said, “The factory will serve as a role model for the domestic investors in this sector and will also prove to be a pacesetter for the textile industry in Ethiopia”.
He also said that, the government wants to generate $500 million from the textile industry and also attract foreign investment. It also plans to increase cotton cultivation in the country from the present 110,000 hectares to 540,000 hectares.
The plant will currently employ around 5,000 workers and its peak will provide over 10,000 jobs to people from the province. The plant has been relocated by a Turkish firm; Ayka from Turkey and has invested US $100 million to set up the plant.
The production capacity of the spinning plant is 20 tons of yarn per day and the capacity of the knitting and dyeing plant is 40 tons per day. The textile mill is expected to generate export revenues of $70 million in the first year and $100 million in the second.
This project was personally overseen by the Prime Minister, who took personal interest in the setting up of the plant, to ensure that all problems were sorted out. The Development Bank of Ethiopia too has extended term loans for the project.
Speaking on the occasion of the inauguration, Girma Birru said, “The factory will serve as a role model for the domestic investors in this sector and will also prove to be a pacesetter for the textile industry in Ethiopia”.
He also said that, the government wants to generate $500 million from the textile industry and also attract foreign investment. It also plans to increase cotton cultivation in the country from the present 110,000 hectares to 540,000 hectares.
