(3 minutes read) (Global)
Anbessa Elite Technical Textile Industry, an Israeli company, entered Bahir Dar Industrial Park to produce apparel and textiles. It envisages an investment of US$ 3 million in capital, which can create employment opportunities, when fully operational, for 1000 individuals.
Anbessa Elite Technical Textile Industry, an Israeli company, entered Bahir Dar Industrial Park to produce apparel and textiles. It envisages an investment of US$ 3 million capital, which can create employment opportunities, when fully operational, for 1000 individuals.
Leo Issayas, the owner of Anbessa, stated that his company’s goal was to produce high-quality textile products with state-of-the-art technology. Towards this, the Israeli company will be providing training for its employees.
The global technical textile market size was valued at US$ 180.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. Increasing awareness regarding the benefits of technical textiles in various end-user industries is expected to drive the market over the forecast period.
The global technical textiles industry has experienced moderate growth as a consequence of the economic recession caused by the Covid-19 crisis. During the initial phase, the industrial activities observed setbacks, as a result, the market also experienced a catastrophic setback. Ethiopia can take advantage of the expertise of the Israeli company in this domain to up its exports.
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Bahir Dar Industrial Park is situated on 75 hectares of land in Bahir Dar city. Lying 560 km from Addis Ababa, the company became operational in 2020 and started exporting textiles in 2021. Hop Lun Apparel Ethiopia PLC, a company founded in Hong Kong in 1992, became the first company to export apparel from its production plant at Bahir Dar Industrial Park.
