Czech brocade becomes hit in western Africa

By Karel Janicek

Associated Press

Published: Friday, Oct. 19 2012 9:40 a.m. MDT

To further boost sales despite such conflicts, Veba has recently entered new markets in eastern Africa, and is planning expansion in other Muslim nations outside the continent, including Azerbaijan and even Iran. It invested $10 million last year and another $15.6 million this year to increase its weaving capacity and has created 100 new jobs.

"When we first announced our new strategy, our partners such as banks, insurers and suppliers shook their heads in disbelief and said, 'Africa? There's a risk, isn't there?' Today, we can see risks everywhere: in Europe, in the United States, in the entire world," Novak said. "There're specific risks involved in Africa. You have to work with them, analyze them and control them in a way."

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