Chinese textile and apparel firms intensify investments in Ethiopia

Via fashionunited.com

Ethiopia keeps gaining momentum as a new sourcing country as a recent step by ten large Chinese companies – half of them textile and garment manufacturers – has shown: They have decided to invest in the East African nation in the first half of the current Ethiopian budget year. One of them, textile manufacturer and distributor Jiangsu Sunshine Group, has even committed almost one billion US dollars.

The investment dynamic follows a move by the Ethiopian Investment Commission (EIC) to start according priority to large, effective companies that can offer more and quick employment. In addition, the EIC is increasing its efforts to attract foreign direct investment (FDI) given a slight decrease to 1.2 billion US dollars in the first six months of the current fiscal year and in view of reaching its target for the whole fiscal year, which is 3.5 million US dollars according to EIC’s commissioner Fitsum Arega.