After deciding on the pre-investment assessments made in Kenya, Uganda and Tanzania, a Chinese business delegation, Jiangsu Textile Company Ltd. has made its mind to invest in Ethiopia to build a huge textile factory in the country. The company has finalized to put in a sum of US $ 500 million to set up a factory in the Addis Ababa region that would help create more than 20,000 jobs after it goes operational. Headed by Kong Xiangjun, Board Chairman of the company, they arrived at the decision while talking to the President, Dr. Mulatu Teshome. Dr. Mulatu said textile development was one of the priorities of the Ethiopian Government, adding that the Government would provide all necessary support for the company. Ethiopia’s cheap labor and electricity, vast arable land as well as various quota and duty free opportunities to the US and Europe market would make the company profitable.
