Shanghai Textile Decoration Corporation, a subsidiary of China’s Shantex Holding Corporation, on Wednesday signed an agreement with the Ethiopia Industrial Park Development Corporation (IPDC) to build a 65 million U.S. dollar textile plant.
Shantex Holding is a leading Chinese firm in the manufacturing of multi-functional fibers and textile products.
In a press statement, the IPDC said Shanghai Textile Decoration Corporation has signed a lease agreement with Ethiopia to construct the textile plant in Bole Lemi 2 industrial park, located on the outskirts of Ethiopia’s capital, Addis Ababa.
The plant, once commissioned, is expected to create employment opportunities for around 4000 locals, the statement said.
Ethiopia is seeking to attract internationally acclaimed textile and apparel firms to create more jobs for its large youth population and to achieve its target of earning 30 billion U.S. dollars in revenue from the sector in 10 years.
Bole Lemi 2 industrial park, covering 186 hectares of land, is being constructed by a Chinese company, CGC Overseas Construction Group.
The construction of industrial parks is part of the government’s drive to transform Ethiopia into a manufacturing hub of Africa and to make it a middle-income economy by the year 2025. Enditem