ITACA the Italian fashion company has inaugurated its textile factory at Ashegoda, Tigray Regional State, yesterday, according to ENA.
The company which has the capacity of producing textile products worth about 22 million birr per month has so far invested 15 million dollars.
According to the company officials, the factory has a plan to export its products fro international market.
Mebrhatu Melese, (PhD), state minister at the ministry of trade and industry, Haftom Fantahunegn, Tigray regional state trade, and investment bureau and Pietro Parola, representative of Italian Embassy in Ethiopia were among the dignitaries present during the inauguration.
The factory which is inaugurated today will promote the true image of the country, said Mebratu during the inauguration ceremony.
Apart from its economic benefits, the factory will also create huge job opportunities, he added.
The factory will produce and export different types of female attires, according to Tedrico Franzoni, CEO of ITACA,
According to Haftom Fantahunegn, Investment Director at Tigray Trade, Industry and Urban Development Bureau, 1000 citizens are currently employed in the factory. He added that two additional textile factories would commence production soon.
“ We will work to strengthen the long and historic relations of the two countries,” said Pietro Parola.
Other government officials and investors from the two countries have attended the inauguration ceremony.
In the last 5 to 6 years, Ethiopia’s textile and apparel industry has grown at an average of 51% and more than 65 international textile investment projects have been licensed for foreign investors, according to Ministry of Trade.