Ethiopia intends to generate USD 240 million from the textile sector in the fiscal year 2018-1919. The textile and clothing sector is an industry sector that is prioritized by the government. The sector is expected to compensate for the country's hard currency cash. In the financial year 2017/18, from the clothing and textile sector, the country was able to win USD 110 million, which is 46% of the expected outcome. According to the Minister of Industry, Bogale Feleke, the failure of the plan is caused by lower exports, a shortage of cotton, lack of educated manpower and instability in some parts of the country.
The minister stated that agreements to release efficient foreign currencies on the textile and clothing market were signed with the National Bank of Ethiopia and the Development Bank of Ethiopia. He also said that the government had developed the National Cotton Development Strategy, a 15-year strategy, to address the shortage of cotton. According to the Minister, the strategy is aimed at improving local cotton production and placing Ethiopia at the top of cotton production in Africa.
The Director-General of the Textile Industry Development Institute, Silesh Lema, stated that maximum efforts are being made to increase foreign currency revenues from the sector. He said that the institute is doing its best to expand market opportunities and attract potential buyers from the global market.
Source: Ethiopian News Agency