ETHIOPIA: In talks on major Turkish textile investment
Final negotiations are underway to secure a planned investment by Turkish textile manufacturer Akber to construct the biggest textile plant in Ethiopia so far.
A spokesperson at Ethiopia's Textile Industry Development Institute (TIDI) confirmed to just-style that talks with Akber are taking place but stressed that a final agreement is yet to be signed, and that further details will be released soon.
"The investment is being prepared but has not yet been finalised," the TIDI spokesperson said, not wanting to comment further. Also, the Istanbul Textile and Apparel Exporter Associations (ITKIB) would not confirm details about the planned investment.
Fassil Tadesse, president of the Ethiopian Textile and Garment Manufacturers Association, told just-style that Ethiopia is proving to be an increasingly favourable destination for foreign investment in textiles and clothing.
He said that investment is growing in particular from Turkey, India and China. He said the Turkish industry has been encouraged to invest further following the success of Ayka Addis, an integrated textile and garment plant established in 2007 as a subsidiary of Ayka Textile Industry, one of Turkey's leading clothing and textile companies.
Tadesse pointed to numerous benefits that Ethiopia offers foreign investors, including its rapidly growing economy, political stability, and location, with Ethiopia being relatively close to Europe. "There is also an abundance of cheap labour here," he said, adding that energy costs are also low.
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