Company to build $500 mln textile factory in Ethiopia

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Addis Ababa, 3 September 2014 (WIC) - A Chinese delegation has disclosed that it has finalized pre-investment assessment to build a huge textile factory in Addis Ababa with over 500 million USD.

President Mulatu Teshome held talks on Tuesday with a four-person Chinese business delegation led by Kong Xiangjun, Board Chairman of Giangsu Lianfa Textile Company Limited.

On the occasion, Xiangjun told President Mulatu that his company has decided to invest in Ethiopia after making similar pre-investment assessments in Kenya, Uganda, and Tanzania.

The textile industry would create more than 20,000 jobs when it goes operational, it was learnt.

The President Mulatu for his part said textile is among priorities the Ethiopian Government, adding, the government would provide all the necessary support for the company.

He told members of the delegation that cheap labor and electricity, vast arable land as well as various quota and duty free opportunities to the U.S and EU markets would make the company profitable. (EBC)