Textile and apparel industry is a strategic investment sector with an annual market transaction of more than three trillion USD worldwide which accounts for about two percent of world’s Gross Domestic Product (GDP). This also gives opportunity for the fashion industry to thrive.
According to a forecast by the Fashion Industry Summit held in Copenhagen recently, rapid population growth and economic development will lead to a 63 percent rise in the global consumption of clothing in 2030. Hence, by the time, some 8.5 billion people will require clothing.
The global fashion business is growing and expected to generate double digit growth in the coming few years. While much of this growth is actually coming from developing markets like Asia, fortunately Africa is now slowly claiming its share.
The industry is also a strategic investment area for Ethiopia as part of ongoing industrialization effort targeted to boost export, increase forex earnings and create abundant job opportunities for the rising young population.
Africa Sourcing and Fashion Week 2017 that focuses primarily on sustainability in the clothing industry was recently held in Addis Ababa with the theme “Sustainability in Clothing”.
“We build industrial parks with an investment that tally up to more than 4.2 billion USD and Africa Sourcing and Fashion week will help us show the world what we are doing. This event will attract investors and allow us to learn something from the participants,” said Fitsum Arega, Commissioner of the Ethiopian Investment Commission, speaking to journalists at a press briefing ahead of the event.
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