Ethiopian Investment Commission (EIC) stated that Carvico Ethiopia was creating decent jobs and boosting exports. EIC’s and Industrial Parks Development Corporation’s management met the textile company to review the company’s status and challenges.

According to the Ministry of Industry, Ethiopia plans to get USD 250 million from textile exports in the current fiscal year. The Ministry’s reports also show that the textile and apparel industry has grown by 51% on average. The industry contributed 46.5% of the income the country generated from manufacturing in the 2021/2022 fiscal year which was USD 181.4 million.

Carvico Ethiopia is a local subsidiary of Carvico Group, a leading Italian company. It was established with a capital of USD 100 million and is situated in Kombolcha Industrial Park which was was inaugurated in 2017. The park sits on an area of 75 hectares of land in Kombolcha, 380 km from Addis Ababa.

Source: EIC, IPDC, and The Ethiopian Herald

Image source: EIC