The Ethiopian government announced plans to generate USD 2.3 billion revenue from the export of textile products in GTP II period, according to the Daily Monitor.

The government plans to draw such amount of revenue by raising competitiveness of textile companies through capacity utilization, encouraging local and foreign investments and expanding industrial parks.

The textile sector has earned USD 455 million in the GTP I period, yet the plan was to garner USD 1 million.

Ayka Addis Textile and Investment Group had made a 60 percent contribution. It had registered USD 272.2 million export revenue in GTP I period.

Adama Spinning Factory, Bahir Dar Textile S.C., Bay Kebire Enterprise, Elsie Addis Industrial Development PLC, Kombolcha Textile S.C., MNS Manufacturing PLC and Selendawa Textile S.C. had contributed 20 percent share to the export in GTP I.

Source: The Daily Monitor