Ethiopian official hails Chinese investment in textile sector

Published:May 16,2024

Chinese investment is an essential driver of Ethiopia’s textile and apparel industry, an official said Tuesday.

Chinese investors are “the backbone of Ethiopia’s textile industry development,” said Aklilu Tadesse, CEO of the Ethiopian Industrial Parks Development Corporation (IPDC) during discussions between officials from IPDC and the Ethiopian Investment Commission with potential Chinese investors interested in investing in Ethiopia’s textile and garment industry.

Highlighting the sector’s significant contribution to the Ethiopian economy, Tadesse said that investments in textiles are a major catalyst for the country’s development and overall economic growth. He noted that the sector has created permanent and temporary job opportunities for hundreds of thousands of Ethiopians.

Tadesse urged Chinese investors to consider investing in Ethiopia’s textile industry, pledging the Ethiopian government’s full commitment and support to their success in Africa’s second-most populous nation. He said that the Ethiopian government has prepared “significant incentives related to export and tax relief” and that the IPDC is prepared to strengthen its investment ties with China in the textile and other sectors.

Encouraging Chinese investors to explore investment opportunities within industrial parks across Ethiopia, Tadesse said China plays a vital role in constructing and operating industrial parks in the East African country, supporting the country’s economic restructuring toward industrialization.

Xinhua