ITC helps bolster Chinese investment in Ethiopian textile
Major Chinese textile firms are stepping up sourcing and investment plans in Ethiopia following a visit to Addis Ababa by a delegation from the China Chamber of Commerce for Textiles (CCCT). During their 26-28 August visit, the delegates met heads of Ethiopian textile firms, leaders of Ethiopian Textile and Garment Manufacturers Association and government officials.
The Chinese delegates finalised sourcing agreements and explored investment partnerships with Ethiopian partners, according to a report from the International Trade Centre (ITC), which organised the visit.
Established in 1964, ITC is a joint agency of the World Trade Organization and the United Nations. The visit was part of ITC’s Partnership for Investment and Growth in Africa (PIGA) project.
CCCT has over 12,000 Chinese textile companies as its members.
One Chinese firm agreed to source 1.5 million pieces of beach shorts from a textile factory located in the Bole Lemi Industrial Park, a specialized export zone on the outskirts of Addis Ababa.
A business-to-business event organized by the PIGA team for the delegation and local manufacturers generated six prospective investment partnerships for three local companies with values ranging between $1 million and $5 million. (DS