LUSAKA, Zambia.
THE Cotton Board of Zambia has described as a step in the right direction the move by the government to find an equity partner to revamp the Mulungushi Textiles Limited
Mulungushi Textiles Limited is expected to commence operation in the foruth quarter of 2024 as the investor has already procured equipment to kick start phase one of operationlising the company.
Government through the Ministry of Commerce, Trade and Industry engaged the Zambia China Mulungushi Textiles Limited equity partner Qingdao Ruichang Industrial Tech Company Limited to consider re-capitalisingMulungushi Textiles Limited
The engagement has resulted in the partner committing to renovate the original factory building, acquire new production structures, and install production and ancillary equipment.
The Cotton Board of Zambia says revamping Mulungishi textile Limited is critical to enhance cotton value addition and job creation.
The Cotton Board says the textile industry is a critical sector to achieving Zambia’s economic diversification and industrialization agenda
The Cotton Board of Zambia Chief Executive Officer Sunduzwayo Banda says the textile industry should be placed as a priority in the manufacturing sector due to its potential for growth and job creation for Zambians
Mr. Banda is confident that the revamping of the Mulungushi Textiles Limited will have a positive impact on cotton farmers, which will improve rural livelihoods.
He is happy that some of the policy prouncement made in the 2024 national budget in the cotton industry are bearing fruits.
During the presentation of the 2024 National Budget, Finance Minister Situmbeko Musokotwane announced as part of government’s drive to unlock the economic potential for the cotton industry, government will provide incentives to revitalise the cotton industry value chain.
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