President Encourages American Investors to Engage in Textile & Garments Sector
Addis Ababa, Ethiopia (ENA) -Â The durable peace and favorable investment environment in Ethiopia have caught the attention of western investors, according to American investors.
President Mulatu Teshome held talks on Tuesday with American investors engaged in textile and garments sector.
Delegation leader of the US investors team, Vice President of Philip -Van Hansen Company (PVH)Â , Mr. Mark Green said on the occasion the conducive investment policy of the country along with its vast human resources and power supply have enabled it to attract the attention of western investors.
The team has visited industrial zones built in different parts of the country. The establishment of industrial zones shows the determination of the government to bring about structural change in the industry, he added.
American companies have, therefore, huge desire to engage in textile and garments sector, according to Mr. Green.
President Mulatu on his part said American investors would benefit a lot if they seize the favorable investment opportunity and the abundant labor in the country.
The government would in particular encourage investors interested in engaging in the industrial sector, he stressed.
The president reminded the investors that they can also easily access the U.S. market through AGOA and make the best use of it.
He further noted that the country is suitable for textile and garments production as it has over three million hectares of land that cultivates cotton.
PVH has grown exponentially from its 1881 roots of selling and mending shirts for miners in Pottsville, PA and its 1920′s introduction of theÂ Van HeusenÂ “soft-folding” collar to become a global company with over $8.0 billion in estimated 2013 revenues through a combination of strategic acquisitions and by successfully growing our brands globally across the wholesale, retail, e-commerce and licensing channels throughout North America, Europe, Asia and Latin America. Our brands includeÂ Calvin Klein,Â Tommy Hilfiger,Â Van Heusen,IZOD,Â ARROW,Â Speedoâ€ ,Â Warner’sÂ andÂ Olga. In addition, we license brands for dress shirts and neckwear offered in the United States and Canada.
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