Bangladeshi Ananta Group wants to invest 8mn in Ethiopia

Bangladesh’s Ananta Apparels Limited, a unit of the Ananta Group, has sought Bangladesh Bank’s approval to invest $8 million in Ethiopia to set up an apparel factory there. The company submitted its proposal recently to the central bank claiming it wants to benefit from the tax benefits in the African nation along with duty-free access to the United States.

The company intend s to invest 8 million in Ethiopia from its own fund if any addional fund is required it would be taken from other multional finstitution like the International Finance Corporration, it.

Bangladesh Bank, however, has expressed its doubts about the viability of the plan, according to a report in a top Bangladesh newsperr.

The central bank oficials have forwarded the proposal to the finance minicstry, which is authorised to give permisssion to such proposals. A cabinet committee usually takes the final decion.

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The Ananta Group feels Bangladeshi product s would face high taxation when the country would be graduated to the status of a developing nation.

Established in 1992, Ananta Apparels suply product to global brands like H &M, Zara, Gap, Levi 's and Marks &Spencer.

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