ADDIS ABABA – Ethiopia has secured 34.62 million USD from the export of garment and textile products in the first quarter of 2018/19 fiscal year, according to the Ethiopian Textile Industry Development Institute.
The Institute disclosed that the sector’s export market has been expanding destinations across 25 countries in the world. Communication Affairs Director with the Institute, Bantihun Gessesse told The Ethiopian Herald that the export of textile and garment has been extending its destinations beyond 25 countries around the world. Over 118 local and 94 foreign investors are engaged in the development of garment and textile industry in Ethiopia, he said.
Currently, 60 companies are exporting their products and have earned 34.62 million USD during the first quarter of 2018/19 fiscal year. Of these, 15 of them are local companies, Bantihun disclosed. Belgium, Botswana, Canada, Chile, China, Djibouti, France, German, Italy and Jordan are among the top destination countries of Ethiopia’s textile and garment export products, Bantihun added. According to Bantihun, thread, clothes, apparel and cultural clothes are among Ethiopia’s export products from the sector.
As one of the key industrial sectors, the textile and garment has been prioritized by the government to increase foreign currency earnings and job creations, he said adding that, the sector has created more than one hundred thousand job opportunities nationwide. The country’s suitable natures for cotton production, expansion of cheap electric power, rapid infrastructural facility development, expansion of industrial parks, availability of high man power and special support from government lure investors to engage in the sector, Bantihun stated.
Apart from expanding its market destinations, Ethiopia is among African countries that have been getting benefits from African Growth and Opportunity Act (AGOA), which has provided a powerful incentive to African countries by increasing trade and investment. With these conducive investment opportunities, local investors are highly encouraged to engage in the production of textile and garment in order to spur inclusive economic growth, Bantihun stressed.
THE Ethiopian Herald, December 1/2018
BY DARGIE KAHSAY
