Raymond to establish facility in Ethiopia

Raymond is planning to set up a manufacturing facility at Awasa in Ethiopia with an investment of around US $ 100 million. The unit will be housed in Raymond’s fully-owned subsidiary Silver Spark Apparel through its Middle East based unit in Sharjah. The facility will have a 2 million per annum capacity to manufacture and export woollen-blended, cotton blended jackets.

It is assumed that if Raymond exports to the US from Ethiopia it would not pay import duties of 18% which it would need to pay if it exports from India. Gautam Hari Singhania, Chairman and MD of Raymond said that the move to Ethiopia comes with the globally favourable trade policy reforms allowing the company to improve its export competitiveness.