Antex Groups started its investment in Ethiopia with five million U.S. dollars has later increased its capital to 50 million U.S. dollars. It is working on eight sheds that it rented within Adama Industrial Park.
ADAMA (ENA)– Antex Groups, a Chinese textile manufacturing company, has officially started exporting its products, making it the first company to export from the recently inaugurated Adama Industrial Park.
From its first export to Europe, a container of swimwear, the company is expected to generate 100,000 U.S. dollars, Antex Groups Chairman, Qian Anhua said.
The chairman said that the company has created jobs for 1,500 individuals. The number is expected to reach 10,000 when it goes fully operational.
Antex started its investment in Ethiopia with five million U.S. dollars has later increased its capital to 50 million U.S. dollars. It is working on eight sheds that it rented within the park.
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Officials from the Ethiopian investment commission (EIC)and the industrial parks development corporation (IPDC) of Ethiopia attended the ceremony organized to celebrate the first export from the park.
Lelise Neme, CEO of IPDC, lauded Antex Groups for starting to export products within a short period of time.
She added that Adama Industrial Park, which was inaugurated in October 2018 by Prime Minister Abiy Ahmed, is exemplary for others for starting export within few months.
Two companies including Antex are already started operation, while three others are in the pipeline, she said.
Adama Industrial Park, approximately 93km southeast of Addis Ababa in Oromia Regional State, is among the industrial parks that Ethiopia has developed over the past few years in order to stimulate industrial development by attracting anchor companies.
The first phase of the park that lies on 102 hectares, built at a cost of 147 million dollars was commissioned by IPDC.
Source: ENA