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Textiles Industry Development Institute announced a plan to set up a national enterprise aimed at addressing challenges related to the shortage of raw materials. Institute Director-General, Sileshi Lemma, said that the Enterprise will help create a linkage between cotton producers and textile industries.
The Enterprise will have the mandate to purchase, sell and store raw cotton, according to the Director-General.
This will help realize the country’s plan to make the nation a preferable destination for textile companies.
He said the country is cultivating cotton on more than 125,000 hectares of land to meet the increasing demand for cotton which has reached over 100,000 tons, he said.
According to Sileshi, the number of companies engaged in the textile industry has been increasing.
18 new factories and 7 expansions are expected to commence operation this year.
In addition to this, 10 garment factories have already finalized preparation to be operational this year.
By improving capability of industries, increasing input supply and skilled labor, the country envisages to earn 435 million USD from the industry this fiscal year, Sileshi said.
If the nation achieves the target for this year, the revenue would increase by 323 million USD compared to that of the previous year.