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Corporate Power Global Trend to the Fashion Industry in Ethiopia Essay Example

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Corporate Power Global Trend to the Fashion Industry in Ethiopia

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Corporate Power Global Trend to the Fashion Industry in Ethiopia. It moved to Japan after beginning in the United States. It advanced to South Korea before crawling to China (Mosavi). The soaring cost of conducting business in China over the last few years has made investors shift to Africa due to low costs in the region. Speaking to the Economist Intelligence Unit, Fassil said fashion development emanates mainly from Turkey, India, China, South Korea, and Bangladesh. He believes that the industry will continue maintaining a healthy and strong momentum that will see the country becoming the epicenter of the textile and garments industry in Africa. Big brands are finding their way into Ethiopia to invest in the growing industry.The corporate power in textile and fashion industry is promoting economic growth in Ethiopia because it utilizes the high population and provides employment to the country’s trainable population.

Ethiopia is the second most populous country in Africa after Nigeria, with about 94 million people. Most of the population (50%) is made up of people aged between 15 and 64 years. It has a high young population evidenced by a median age of 17. Over 40% of the population consists of individuals that are 15 years and below. The young population can thus receive training under the sponsorships of textile corporate firms and the government to work in textile companies or cotton firms. Therefore, corporate power is raising the living standards of people. Additionally, the Ethiopian country is one of the countries in African that experience relative stability and peace, thus promoting investments and economic growth. According to International Monetary Fund (IMF), the country emerged among the fastest growing economies in the globe by recording an economic annual growth of 10% in 200-2009 (Virginia).Ethiopia’s economic growth is also because large corporations are taking advantage of the low production costs and suitability of large tracts of land for cotton plantations. The size of the area is similar to that of Pakistan, the globe’s fourth-largest cotton producer. Consequently, Ethiopia has attracted manufacturers who buy cotton from the farmers at fair prices. Agriculture offers 85% of the gross employment. It provides 47% of the Gross Domestic Product (GDP). Low cost of infrastructures and inputs like water, power, and electricity are other factors that are driving more investors into the country. Institutions such as ETIDI are striving to equip the textile. Corporate Power Global Trend to the Fashion Industry in Ethiopia.

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Works Cited

Mosavi, S. "Made in Ethiopia: The rise of the textile industry." N.p., 28 Oct. 2014. Web. <http://www.economistinsights.com/opinion/made-ethiopia-rise-textile-industry>.

Quisumbing, A. R., and Y. Yohannes. "How fair is workfare? gender, public works, and employment in rural Ethiopia." Economic Growth Factors 3.2 (2005): 20-31. Print.

Roach, Brian.“Corporate Power in a Global Economy”.Modules. Tufts University, 12 Mar. 2007. Web. 9 Mar. 2015.

Timmerman, K. Where am I wearing?: A global tour to the countries, factories, and people that make our clothes. Hoboken, NJ: Wiley, 2012. Print.

Virginia. "Is Ethiopia a rising textile sourcing and production star? textile-future by Virginia F. Bodmer-Altura." N.p., 2014. Web. <http://textile-future.com/textile-manufacturing.php?read_article=2306>.

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