16.5 C
Addis Ababa
February 25, 2024
Local News

Ethiopian Government’s Strong Commitment to Foster Textile Sector Investments

In a resolute display of support, the Ethiopian government is unwaveringly dedicated to bolstering and nurturing investments within the nation’s burgeoning textile sector. This commitment particularly extends to companies that are actively involved in exporting their products and have a notable focus on engaging youth and women in their workforce. These affirmations were underscored by Semereta Sewasew, the State Minister of Finance, who emphasized the government’s stance during a productive dialogue with Ashish Agarawal, the CEO and Managing Director of Kanoria Africa Textiles.

During this constructive exchange, both parties reached a mutual consensus to collaboratively channel efforts toward enticing greater investment into Ethiopia’s textile industry. Additionally, they are poised to work synergistically in expanding market access, a strategic move poised to enhance the sector’s global outreach. This significant development was reported by a reputable news agency, which underscored the shared commitment of the Ethiopian government and Kanoria Africa Textiles to elevate the industry’s standing.

Founded in 2012, the denim manufacturing enterprise officially marked its inauguration in October 2015, commencing full commercial operations in April 2016. Situated within the Keta Industrial Zone, the company serves as an employer to approximately 1,200 individuals, making it a substantial contributor to the local workforce.

The company’s core raw material is cotton, a resource that fosters collaboration with thousands of farmers across various regions in Ethiopia, including Gambella, Afar, Metema, Gondar, Arbaminch, Humera, and Dansa. Moreover, the company supplements its material requirements with the importation of vital resources such as dyestuffs, chemicals, and stretch yarns.

This impactful dedication by the Ethiopian government to fortify the textile sector mirrors a strategic alignment with economic growth and empowerment objectives. By invigorating investments and promoting inclusivity in the industry, Ethiopia not only supports the growth of businesses like Kanoria Africa Textiles but also enhances its position in the global textile market.

Source: Adapted from original content by Fibre2Fashion News Desk

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