Turkish company to undertake 1 bln birr textile expansion, to add 13,000 jobs
Addis Ababa, 3 March 2014 (WIC) - Ayka Addis Textile & Investment Group is undertaking an almost one billion birr expansion on six hectares of land.
This could see its exports tripling to 150 million dollars and its employees increasing by around 13,000. The company moved from Turkey to Ethiopia with an investment of 140 million dollars.
Its latest expansion – to take place in two phases, beginning as early as April 2014 – will consume 962.5 million birr, according to Amare Teklemariam, CEO of Ayka.
Ayka has already received 3.6ha of land from the Kolfe Keranio District for its first phase, and is in the final stages of leasing an extra 2.6ha, he added.
The company secured 3.6ha of land last year, through lease that will extend for 70 years, according to officials at the land management office of the Addis Ababa City Administration.
The company currently has five plants in Alem Gena town of the East Shoa Zone, Oromia Regional State(19km from Addis Abeba). These plants, now operating at 80pc to 90pc capacity, have the capacity to spin 40tns of cotton, knit 38tns of thread, dye 50tns of cloth and produce 80,000 pieces of garment – all in a day’s work, with 7,500 permanent and 100 temporary workers. The Company exports its produce mainly to Germany.
Now with a capital of 2.5 billion birr, the expansion projects are expected to boost the Company’s export earnings to 150 million dollars, from 56 million dollars in 2012/13. (ethiosports.com)
|< Prev||Next >|