The Government of Ethiopia is set to embark on an ambitious mission of revamping the country’s textile industry by making an investment in the sector to the tune of $1bn over the next decade. A move said to boost the country’s ranking to an overall top textile manufacturer.
Arkebe Equbai, a special advisor to the Ethiopian Prime Minister, said that the country aims at becoming Africa #1 when it comes to industrial development and manufacturing. The country is also targeting a 15-fold increase in the export of textile and leather products as part of its current growth and transformation plan slated to end in July this year.
According to the laid out plan, Ethiopia wants to achieve 25% growth in the manufacturing sector and create some 200,000 new employment annually. The country will by the end of 2015 have set up industrial zones in Dire Dawa and Adama.
In October last year, South Korean Shin Textile Solutions Co. set up shop at the existing factory park at Bole Lemi. With that came 3,000 new jobs created for the Ethiopian people and an opening of a textile park in Hawassa last April.
It is also said the Ethiopian Government is planning on investing $10bn in the development of industrial zones across the country to set up textile, agro-processing, leather and other labor-intensive factories. The fund is expected to come from the World Bank’s International Finance Corporation, with some Chinese and European funders chipping in as well.