The China-Africa Overseas Leather Factory, Ethiopia announced that Chinese tariff free policy for exports from least developed countries is a benefit.

The tariff free policy allows products to be competitive in the international market according to Yacob Tadesse, Administrative Manager of China-Africa Overseas Leather Factory.

The policy also encourages other investors to come to Ethiopia to invest because of the advantages it provides to export to China he explained.

China-Africa Overseas Leather Factory in Ethiopia said on Sunday it has significantly benefited from the tariff-free policy of China for least developed countries (LDCs) that are exporting to China.

The company announced its plans to take advantages provided to earn an estimated 15 million US dollars from the export of processed leather products in the New Year as it celebrated its first anniversary.

China-Africa earned 4.1 million US dollars in its first year of operations beset by several challenges according to Yacob. The company has been able to produce and export above 3 million square feet of leather in its first year he added.

China-Africa expects to earn 15 million dollars next year by producing six million square feet of finished sheep leather for gloves and 3.6 million square feet finished leather for shoes said Yacob.

The China-Africa Overseas Leather Company started operation in November 2010, following completion of the construction within one year. Most of the Company’s customers are Chinese according to Yacob.

Source: China Daily