China National Textile and Apparel Council (CNTAC), a large scale textile company, is expressed its interest to invest in Ethiopia.
President Mulatu Teshome held a discussion with a delegation composed of 52 members led by President of the company Sun Ruizhe on issues of investment opportunities in the country.
After the discussion, President of CNTAC, Sun Ruizhe told journalist that he came to Ethiopia to conduct a feasibility study on large scale textile investments.
“Many Chinese textile entrepreneurs are interested to invest in Ethiopia because we have clear understanding of government policy, high efficiency, incentives and privileges and also the comparative advantage of developing textile industry in Ethiopia,” Sun said.
He stated that the delegation is encouraged not only for the trade relations of Ethiopia with Europe and U.S., but also by the potential labor resources and the availability of raw cotton in the country.
“I strongly believe that textile industry will be very important sector for the future development of Ethiopia,” he added.
President Mulatu Teshome briefed the delegation on the existing peace and stability in the country as well as investment opportunities in various areas including textile and apparel sector, according to Protocol and Communication Director at Presidential Office, Ashebir Getnet said.
The government will provide every necessary support and incentives to investors who want to engage in the manufacturing sector, Ashebir added.
The government prioritizes textile and apparel industry in GTP-2 plan as one of the foundation in the efforts of transition from agriculture to industry.
The delegation visited Hawassa Industrial Park as part of feasibility study and expected to discuss with senior government officials.
Low cost of energy, labor resources as well other package of incentives by the government make them attracted, it was learned.
According to Ashebir, China National Textile and Apparel Council (CNTAC), which has 3000 members is currently investing in various countries. (ENA)