An Indian Company, Velocity Apparel, has received 100 hectares of land in Mekele to build a modern textile industry with a starting capital of USD 150 million.
State Minister of Industry, Tadese Haile, said this is an important project for the country as a whole with significant economic benefits.
President of the Tigray Regional State, Abay Woldu, for his part stated that the region has a huge investment potential and a developed infrastructure, rendering it suitable for investments in industries and manufacturing.
CEO of Velocity Apparel, Siharz Sinaha, said the project will take five years to finalize and construction will start in September.
According to Sinaha his company employs state of the art technology in its industries and has several textile factories in India, Dubai, Jordan and Egypt.