Chinese conglomerate to invest $350mn to set up textile plant in Ethiopia

Chinese conglomerate Jiangsu Sunshine Group plans to make investment of $350 million to set up a textile plant in Ethiopia in a bid to boost the country’s textile industry as the textile industry is believed to be a bridge for economic development and making Ethiopia Africa’s textile industry hub.

The plant will be located in the industrial park of the city of Adama which will produce 10 million meters of worsted wool fabrics and 1.5 million finished parts.

The project has been announced as Ethiopia battles one of the worst droughts since the last in 1983.

In the recent years, Ethiopia has managed to attract several foreign companies operating in the textile and clothing sector including Turkish textile giant Akber and Taiwanese George Shoe Corporation.

Jiangsu Sunshine Group’s textile business has annual production capacity of 3.5 million sets of high-grade men’s suits and women’s wear, 35 million meters of superfine worsted wool Fabrics.

It is also the world’s largest wool textile manufacturer and high-grade apparel production base, and the only enterprise in China Textile industry who won honorable title of ‘World Brand’ and ‘Garment Export Inspection Exemption’.
Source :www.yarnsandfibers.com/