Skip to main content
x

Wuxi No. 1 Cotton Ethiopia Textile Plc Opens Plant in Dire Dawa

ADDIS ABABA: Wuxi No. 1 Cotton Ethiopia Textile Plc., a Chinese textile manufacturer, has opened its textile factory in Dire Dawa’s Industrial Park. Found inside 52 hectares of land with over USD 220 million spent, it has, so far, created more than 1500 local jobs in the area and is expected to reach 3500 once it’s fully operational.

Ayka Addis to fetch 2 bln birr in foreclosure

The ill-fated Ayka Addis Textile and Investment Group, a textile manufacturer which went bankrupt, is said to be foreclosed next month with close to two billion birr, in an effort to recover loans the manufacturer received from the embattled the Development Bank of Ethiopia (DBE). The company used to owe some 2.3 billion birr, The Reporter has learnt.

DBE to foreclose on Ayka Addis

The Development Bank of Ethiopia (DBE) is to foreclose on the bankrupted Turkish textile company – Ayka Addis Textile & Investment Group – in the coming one month, The Reporter has learnt.

ASFW set to attract multinationals

With multitudes of manufacturers and trade professionals ready to descend to the capital, the 4th African Sourcing and Fashion Week (ASFW) is set to start on Monday at the Millennium Hall.

Manufacturers protest overdue customs duties 

A group of small-scale textile manufacturers have voiced their rage against the Ethiopian Revenues and Customs Authority (ERCA) over “exaggerated customs duties” levied on the imports of raw materials, The Reporter has learnt.   

Foreclosed Turkish textile revived by creditor

Two years after it was abandoned by its former owners, the bankrupt Else Addis Industrial Development Plc is now in a good shape and making a substantial profit under the management of the creditor Development Bank of Ethiopia (DBE), The Reporter has learnt.