Ethiopia: Silver Spark Apparel Ethiopia now operational!
Silver Spark Apparel Ethiopia, a wholly-owned subsidiary of Raymond, Indiabased textile and apparel conglomerate, has cut the ribbons of its Greenfield garment manufacturing facility at Hawassa Industrial Park (HIP) in Ethiopia. The inauguration was done by Hailemariam Desalegn, Prime Minister, Ethiopia along with Gautam Hari Singhania, Chairman & Managing Director, Raymond Ltd.
The state-of-the-art garment manufacturing facility will primarily cater to the US and European markets and is expected to generate employment for over 2,500 people in the first phase. The workforce employed at this unit will be duly up-skilled by the highly experienced expatriate team from India.
With an investment of over Rs. 100 crore, the new facility is an epitome of Raymond’s aim to expand its presence across international markets. This capacity expansion will mark the company’s entry among the top five leading suit manufacturers in the world. Commenting on this strategic move, Gautam stated, “With a clear direction of capacity augmentation, we continue to stay committed to Make in India and have invested in a Green Field project. It is a strategic decision to set up a garment manufacturing unit in Ethiopia to mitigate our risk as far as our exports are concerned. Reckoned for providing highest quality products, Raymond has earned the trust and respect of eminent brands across USA, Europe and Japan. In our endeavour to ensure price competitiveness, Ethiopia makes a compelling business case and enables us to serve our international customers. Leveraging the skill sets of garment manufacturing facilities on the domestic front, which are acquired over a period of time, this quantum leap into an international location for manufacturing has been triggered by both core competence and business considerations.”
The duty-free access to key export markets such as the US and Europe provides the opportunity to Raymond to be globally price-competitive by setting up a plant in Ethiopia. In addition to this benefit, The Federal Democratic Republic of Ethiopia offers manpower at a highly competitive rate, exceedingly subsidized power, readymade industrial sheds that considerably reduces capital expenditure.
Inaugural ceremony of Silver Spark Apparel, Ethiopia