Dubai’s Velocity Apparel Companies Plc is about to commence textile production in its plant in Tigray by the end of October 2015, Addis Fortune reported.
Velocity established its presence in Ethiopia with USD 25.9 million on 101,283 square meters of land in Mekelle, Tigray.
The factory produces jeans, knit garments, poly-bags and cartons.
The information obtained from Ethiopian Textile Development Institute states that the company is instating machineries imported from Germany and Italy.
Raghav Patter, Vice President of the company, said the company has borrowed 70 percent of the capital from the Development Bank of Ethiopia.
The factory is going to create job opportunities for 5,000 workers including 800 foreign workers up on full capacity, Bantihun Gessese, Ethiopian Textile Industry Development Institute’s Corporate Communications Director, said.
The factory has the capacity to produce 26,300 pieces of jeans, 200kg of knitted garments, 100,000 pieces of poly-bag and 60,000 cartons per year. 95 percent of its products will be exported to the US and Europe, according to Pattar.
The factory is the 131 textile factory in Ethiopia.
Velocity, which has factories in Egypt and Dubai, has been producing knit and denim garments for the last 34 years.
Source: Addis Fortune