The Ethiopian government announced plans to generate US$2.3 billion revenue from the export of textile products in Growth and Transformation Plan II (GTP II) period, according to the Daily Monitor.
The government plans to draw that 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 US$455 million in the GTP I period, yet the plan was to garner US$1 million.
Ayka Addis Textile and Investment Group made a 60 percent contribution. It had registered US$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. all contributed 20 percent share to the export in GTP I.
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