spot_img
spot_img
spot_img
spot_img
spot_img

Ananta Apparels Limited eyes Ethiopia for duty benefits, skilled labour

Ananta Apparels Limited , a subsidiary of Ananta Group, Bangladesh, has expressed its intent to invest US $ 8 million in setting up an apparel factory in Ethiopia.

The firm recently submitted its proposal with the central bank seeking latter’s approval to initiate its plan of investing in the African country.

It also said that while the company would invest US $ 8 million from its own fund, any additional fund would be taken from multinational financial institutions like International Finance Corporation.

Meanwhile, the central bank has forwarded Ananta’s proposal to the Ministry of Finance as the Government of Bangladesh preserves the right to give permission for such proposals.

Ananta Apparels is the latest among several companies from Bangladesh to show keen interest in Ethiopia. Of the 7 Bangladeshi companies to have been granted approval to invest abroad, Akij Jute Mills got the approval to invest US $ 20 million to procure 2 Malaysian firms.

According to the Group, availing duty benefits was the main objective behind its decision to invest in Ethiopia. Besides, skilled labour force has been another major attraction for the Group to invest in the country.

A company official said Bangladesh would face high taxation when the country graduates to developing nation and therefore it was all the more relevant to move to a growing hub like Ethiopia.

AB Mirza Azizul Islam, Former Caretaker Government Adviser, said that the government must investigate whether the investment would be profitable under the tax benefits.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img

Related News

Biska Tekstil Spins Sustainable Success with World-First Saurer Autocoro 11 Machines

Biska Tekstil, a pioneering Turkish textile company, has grabbed...

Empowering Azerbaijani Fashion and Textile: AFDA’s Mission and Impact

Interviewing Aysel Huseynova from the Azerbaijan Fashion Designers Association...

KARL MAYER Technische Textilien at ITM 2024 in Istanbul

Rethinking civil engineering business with warp-knitted fabrics with weft...

Can Fashion Decouple Growth from Virgin Raw Materials?

Lessening Fashion’s Impact, Starting With Raw Materials The take, make,...

View Premium Selection International Fabric Trends Premiering at Stachus

VIEW Premium Selection with Tradeshow Pop-Up in Munich's City...

Unlocking the Potential: The Tanzanian Textile and Garment Sub-sector

Introduction The Tanzanian textile and garment industry stand as a...

Textile and Fashion Recycling: Weaving a Sustainable Future for Africa

Africa's vibrant fashion scene pulsates with color, creativity, and...

Milano Fashion & Jewels: the New Dates of the Next Edition in September 2024

From Saturday 14 (invitation only) to Tuesday 17 the...
×