Ethiopia, an emerging apparel sourcing destinations in the world, has posted a 23.1 per cent surge in its global textile and clothing exports during the first eight months of FY 2017-18 that began on 8th July 2017. The flow in exports is in line with the vision of Ethiopian government which, a few months back, set ‘$30 billion by 2025’ as export target for the textile industry.
Evidently, $55.9 million revenue was secured by foreign-owned firms while the remaining was generated by local apparel manufacturing companies. Bantihun Gessesse, Communications Affairs Director in Ethiopian Textile Industry Development Institute says the hub fell short of the targeted growth by 50 per cent.
In order to meet the projected growth in the coming months, the Ethiopian Government is diversifying exports from agricultural products to textile and clothing manufacturing in the country and, for this, approximately 10 industrial parks have been planned.
The textile and clothing industry in Ethiopia has noted an average growth of 51 per cent over the last five years and more than 65 international textile investment projects have been authorised and licensed to attract FDI during the period. The country is steadily becoming a favourite amongst various leading textile and apparel manufacturers to set up their base there, thanks to policies and incentives that the country has to offer.