H&M and Swedfund have initiated a unique cooperation with the aim of contributing to the development of a responsible textile industry in Ethiopia with high social and environmental standards.
In this cooperation, H&M will contribute with expertise of the textile market, sustainability and purchase of products from suppliers that Swedfund will invest in. Swedfund will provide local market expertise and expansion investments in suppliers to H&M. The cooperation will also involve both parties setting standards for sustainable production and following up indicators such as water use and wages. The partnership will start in autumn 2014.
– We see the cooperation as an opportunity to get involved in Ethiopia's growing textile industry at an early stage and to contribute to job creation. We have for many years worked in existing manufacturing countries to improve working conditions and environment. This experience is included with the establishment of cooperation with Ethiopian suppliers, said Karl-Johan Persson CEO at H&M.
Building a strong domestic industry is crucial for job creation in Ethiopia. Investing in production ensures that added value from the textile industry will to a larger extent remain in the country.
– Through this unique partnership with H&M, our goal is to contribute to developing the textile industry in Ethiopia, thus creating jobs with good working conditions that lift people out of poverty, especially women, said Anna Ryott CEO at Swedfund.
Through Swedfund’s role as investor, H&M:s purchase of products and each parties respective knowledge and expertise, a strong and viable textile industry can be developed that will be able to operate and thrive with financial strength and on a sustainable basis.
For more media inquiries, please contact:
Swedfund’s Press Secretary, email@example.com, +46 70 968 71 10
H&M global media representatives, firstname.lastname@example.org, +46 8 796 53 00
Swedfund, owned by the Swedish state, provides risk capital, expertise and financial support for investments in the emerging markets of Africa, Asia, Latin America and Eastern Europe. Our mission is poverty reduction through sustainable business, contributing to economic and environmental development as well as a positive impact to society. Since 1979 Swedfund has been engaged as an active, responsible and long-term investor in more than 230 companies in our countries of operation. www.swedfund.se