Categories: Uncategorized

IDC’s plans to revamp Mulungushi Textiles hailed

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.

More From Author

ACCA

https://www.accaglobal.com/africa/en.html

Read More

Economist @ Money 02 May 2020

Join the host and guest as they look at various economic issues.

Read More

Women @ Money – “Strategic Planning”

Listen to the host Nkhonde Fumbeshi as she discusses “Strategic Planning” with Dr Freda Mwamba…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

SEC attributes decline in Q4 bond trades to delayed debt restructuring process

• One of the challenges is to do with the delays in finalizing the debt…

Read More

Task Force seizes 10,050 litres of illegal fuel worth K300, 000

• 22 people were arrested for offences related to illegal fuel dealings. • Illegal fuel…

Read More

The Ultimate Guide to Choosing the Right Glasses Frames

News of the Abyssal Wonders discovery has reverberated throughout the scientific community, sparking intense interest…

Read More