Sweden’s multinational clothing company, H&M (Hennes & Mauritz AB), one of the world’s most successful clothing companies is facing a backlash for featuring a young Sweden-based Kenyan model in one of its catalogues with a sweater emblazoned with the words “coolest monkey in the jungle”, that was allegedly sourced from an Ethiopian textile manufacturer.
UK based Intrade Co. UK Ltd, an offshore company of Mahgoub Sons Group in Sudan, has entered into an agreement with the Ethiopian Investment Commission (EIC) to invest USD 200 million on three different projects.
Following an agreement between the Ethiopian Investment Commission (EIC) and the Chinese Wuxi No. 1 Cotton Investment Co. Ltd., a subsidiary of Wuxi Guolian Develoment Group, the textile manufacturer is set to install a plant inside the soon-to-be inaugurated Dire Dawa Industrial Park.
During the biannual high-level dialogue forum on industrial policy held early in the week in Addis Ababa, Kenichi Ohno, professor of economics at the Graduate Research Institute for Policy Studies (GRIPS), compared Ethiopia’s textile industry with that of Sri Lanka, stating that there is a lot the local sector could learn from Asian models.
The Commercial Bank of Ethiopia (CBE) has finally acquired the former Saygin Dima Textile S.C. under its own asset management company, Commercial Nominees (CN), and renamed it as SEDA Textile Company Plc, The Reporter has learnt.