A Chinese company disclosed it is ready to establish a huge textile factory in Ethiopia at an outlay of U.S $ 500 Million. The company disclosed it has finished pre-investment assessments to build the factory.

On Tuesday, September 2, 2014, a delegation of four Chinese business tycoons, led by the Board Chairman of Giangsu Lianfa Textile Company Limited, Kong Xiangjun, held discussions with President Mulatu Teshome.

Xiangjun said it was after conducting similar pre-investment assessments in Kenya, Uganda, and Tanzania that his company came to the decision to invest in Ethiopia, especially in Addis Ababa.

Upon completion and going operational, the factory is said to create more than 20,000 job opportunities.

On his part, the Ethiopian President noted the Government will extend all the necessary support for the company which has decided to engage in textile industry, which is the priority of the government.

He furthered factors such as cheap labor and electricity, vast arable land as well as various quota and duty free opportunities to the U.S and EU markets will make Giangsu profitable.

Source: Ethiopian News Agency