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Ethiopia plans to earn over USD 233 million by exporting leather and leather products this year.
The revenue projected by the Leather and Leather Products Development Institute is almost twice the amount as last year.
Ethiopia earned more than USD 112.1 million from the export of leather and leather products during last fiscal year, which was lower than the USD 206 million they had hoped for. Leather price decreases and raw material increases on the international market are being blaimed for the weak performance. Improving efficiency is also being pointed to as something that will help with profits. Sources at the institute said new large companies that have begun production over the past few months will play a big role in meeting this year’s projection.
“Foreign direct investment growth in the leather sector will play a significant role in the Growth and Transformation Plan (GTP) targets,” he explained.
Currently heavy weight international companies have joined the industry. Chinese Hujieang, one of the three worldwide largest footwear producers, commenced its production few months ago. “This company alone could produce close to what we exported last year,” the expert explained.
In the end of the GTP the government has planned to earn USD half billion from the sector. Currently the country has banned unfinished leather export in order to focus on finished leather products.