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Joining the Ethiopian investment landscape with a capital outlay of USD 100 million, Cavico Group, an Italy-based textile giant, which has set up shop at the newly inaugurated Kombolcha Industrial Park, has launched the export of specialized synthetic textile products to the European markets, The Reporter has learnt.
It is Cavico’s first export out of its Ethiopian operation and the shipment is valued at USD 350,000. According to the information The Reporter has received from the Ethiopian Investment Commission, owner of the company was part of the 1o Italian investors who has met Prime Minister Abiy Ahmed (PhD) on Monday in Rome.
According to Mekonnen Hailu, director of public relations with the commission, the company has finalized its own industrial plot that encompasses 23.5 hectares within the Kombolcha Industrial Park facility. Currently, the company has completed the construction the first phase of its factory shade at the Park; and finalized 15 percent of its second phase.
The Primer led a delegation of officials pooled from the Ministry of Foreign Affairs, the Ethiopian Investment Commission and the likes on his last week’s trip to Italy. So far, seven state owned industrial parks which have consumed close to USD one billion, creating an estimated 60,000 jobs have opened their doors for foreign investors.