A Kabwe based Business and Financial Analyst says the decision by Industrial Development Cooperation (IDC) to fund the revamping of Mulugushi Textiles Limited will result in improved economic activities in Kabwe District.
Speaking in an interview with Money FM News, Noel Kabwita has advised IDC to first clear the shareholding issue between the Chinese Government and the Zambian Government before funding the revamping of the industry.
Mulugushi Textiles is one of the biggest industries in the country that can contribute greatly to the Agriculture sector if revamped.
Mr. Kabwita says once operational, the industry will promote cotton growing in the country stating that cotton farmers will have a ready market for their produce.
He has since urged IDC to start implementing the projects other than just talking, adding that people in the province are anxious to see the factory come back to life.
And Mr. Kabwita adds that the move by IDC to fund the Nansanga farm block in central province is also a step in a right direction especially that the country is diversifying its economy by exploring sectors such as Agriculture and Tourism.
He says the farm block will promote serious commercial farming urging IDC to ensure that only stable farmers take up the farming block.
The Industrial Development Corporation is targeting to inject US$15 million in Mulungushi Textiles Limited in Kabwe.
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