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CNTAC to invest in Ethiopia’s textile sector

China National Textile and Apparel Council (CNTAC) is planning to invest in Africa’s fastest-growing economy, Ethiopia. The NGO will join other Chinese firms already established in the country to grow the East Asian’s foreign direct investments in the East African nation. The growing and promising market of Ethiopia has lured many investors from Swiss to Indian, Americans to Turkish and Germans to seize business opportunities in East African country. Ethiopia plans to generate close to $30 million in exports from the textile and apparel sector by 2030.

China’s textile industry is the world’s largest both in production and exports. The increasing demand in apparel market has flourished the nation’s textile sector and changed its economic performance. China’s industrial clusters have played a pivotal role in the growth of the textile and apparel sector. The Chinese government has sought for keeping a balance in the economy by nurturing the industry.