British Company to Build 100-million-USD Textile, Garment Factory:: January 08/2018
Addis Ababa January 08/2018 The British company Intrade UK Ltd. has concluded today an agreement to build a 100-million-USD textile and garment factory at Mekele Industrial Park.
The agreement is part of the 200 million USD Memorandum of Understanding (MoU) to invest in textile and garment, pharmaceuticals, and agricultural products processing sectors.
The company which owns cotton farming in Sudan has got a 200 million US dollar investment license in textile and garment, pharmaceutical and agricultural products after signing a Memorandum of Understanding (MoU).
The textile and garment factory to be built in the industrial park will reportedly create more than 1,300 new jobs.
The factory which will rest on 10.5 hectares is expected to start production after 16 months.Today's agreement was signed by Chief Executive Officer Wagdi M. Mahgoub and Investment Commissioner Fitsum Arega.
Commissioner Fitsum said the number of investors engaging in the textile and garment industry is growing and the upcoming factory will strengthen the inter-linkage of industries by supplying raw materials.He also said the factory will provide textiles for garment exporters thus replacing imported raw materials.
Chief Executive Officer Wagdi M. Mahgoub said on his part the favorable investment opportunity in the country has attracted the British company to invest in the country; and investing in the textile sector is the right decision on the part of the company.
Read more http://www.ena.gov.et
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