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Intrade UK Ltd, a British company made an agreement with the Ethiopian Investment Commission to open a USD 100 million investment on spinning and making textiles in Mekele Industrial Park in a 10.5 hectare area.
The Mekelle Industrial Park is the third of its kind to be inaugurated after Hawassa and Kombolcha Industrial Parks – it is primarily used for textile and apparel factories.
Construction is expected to be completed after 18 months and when it begins operating it should create job opportunities for 1,300 local people.
According to the agreement made by Wagdi M. Mahgoub, CEO of Intrade UK Ltd and Fitsum Arega, Investment Commissioner the products will be made for export.
Intrade UK is in the process of constructing and working on edible oil and pharmaceutical factories at a cost of USD 100 million. In addition the company is looking at starting a cotton farm here.
Fitsum Arega said, “The textile factories working in the industrial parks in Mekele, Kombolocha, and Hawassa need to obtain their supplies quickly but currently they import from Asia, so the coming of Intrade UK will help them obtain it from here.”
He added that his office will strongly cooperate with other foreign and local investors to support other businesses at the industrial parks.
Mahgoub said the company will do its best to start production on time.
“We have a lot of experience and our presence in Ethiopia will help the industrial parks, we also conduct other business in the country.”
Currently Chinese companies have taken up 80 hectares and two companies from the UK and one from Italy are working on similar projects.
Ethiopia has set a target of USD 30 billion in export earnings by 2030 for the country’s textile and garment sector.
The country’s industrial park investment has reached over USD 4.2 billion with an added USD 900 million investment from the previous year’s performance and 80 ,000 people work in the textile sector.