Chinese and African signing investment projects agreements as a result of the ITC Textile & Apparel Investment Roadshow
The International Trade Centre (ITC), in partnership with the China Chamber of Commerce for Import and Export of Textile and Apparel (CCCT), organized an Investment Roadshow on Textile and Garment from 11 to 15 of March 2019 in Shanghai and Wuxi, China. The roadshow was organized within the framework of the ‘Partnership for Investment and Growth in Africa’ (PIGA) project, supported by the Government of the United Kingdom of Great Britain and Northern Ireland’s Department for International Development (DFID).
Following the roadshow, the Zhejiang Mengnah Socks & Hosiery Co Ltd and the Ethiopian Investment Commission (EIC) signed a memorandum of understanding (MoU) yesterday, as a first step in the implementation of a 30 million dollars investment project. Two Chinese companies visited Ethiopia last week and one of them is now in negotiation with the government to rent the land and build its factory.
During the roadshow, an MoU was signed between the EIC, the CCCT and the Shanghai Chamber of Commerce for Import & Export and other agreements are under negotiation for a $2billion dollars investment in Bamboo Pulp-Making Project, and for other textile and pharmaceutical projects for a total value of approximately $200 million dollars. The event generated several new investment leads and ensured leads from previous events progressed.
The 100 Chinese companies that attended the roadshow demonstrated high interest to invest in the textile & apparel sector in Africa, especially in Ethiopia and Kenya due to their labor, market, and pre-existing infrastructural advantages.
ITC/PIGA held investor roundtables and facilitated face to face meetings between African delegates of each African country and Chinese companies. The roadshow took place on the sidelines of the 7th China and Asian Textile forum and China international Fashion Fair. World-class textile and apparel buyers and top textile manufacturers in China gathered for the biggest trade fair on textile and garment in China. In this ideal context, government officials from Ethiopia, Kenya, Mozambique and Zambia promoted investment opportunities to Chinese companies and learned about the latest trends in the textile & apparel sector and the global fashion industry .