Categories: Editor's Picks

BuyZed calls for value addition in cotton industry

• Textile is a lucrative business one can venture into.
• Over 18 million Zambians are clothed by clothing factories situated outside the country.
• Substantial amount of money has been going out to import fabric and already-made garments.

BuyZed Campaign has urged government to be quick in formulating and implementing policies in order to attract manufacturing investment in sectors such as the textile industry.
Speaking to Money FM News, Organization Founder Evans Ngoma said it is sad to note that the over 18 million Zambians are clothed by clothing factories situated outside the country, when Zambia has the capacity to revamp the textile sector.
Mr. Ngoma stated that textile is a lucrative business one can venture into and receive full government support, yet substantial amount of money has been going out to import fabric and already-made garments.
“We would like to encourage government to be quick in formulating and implementing policies in order to attract manufacturing investment in many other sectors such as textile industry. All the over eighteen million Zambians are clothed by foreign clothing factories situated outside Zambia.”
“Substantial amount of money goes out to import fabric and readymade garment. Kenneth David Buchizga Kaunda during his rule made sure value addition in the cotton was done within the boundaries of Zambia,” Mr. Ngoma said.
He urged the private sector and Industrial Development Corporation (IDC) to consider reinvesting dividends they collect from companies where they have shares into the textile industry as a way of honoring Dr. Kaunda.

Meanwhile, Mr. Ngoma called for value addition in the cotton industry by establishing textile industries so as to help create job opportunities and enhance the country’s revenue collection.
“This can also help spur economic growth and increase tax base for the Zambia Revenue Authority (ZRA) through directive taxes and these other form of taxes,” he added.
Recently, Permanent Secretary in the Ministry of Commerce, Trade and Industry Mushuma Mulenga assured of government’s support to the local manufacturers.

More From Author

World Bank urges Zambia to capture other benefits beyond mining sector

• World Bank is committed to supporting African countries to translate Africa’s mineral wealth into…

Read More

Kwacha gains should benefit consumers – BuyZed

• This is to ensure that consumers begin to enjoy what is produced locally.• Manufactures…

Read More

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

Leave a Reply

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

You May Also Like

Stakeholders call for inclusion of children with Autism in education system

There is no effort to include children with Autism in the current Education system. Government…

Read More

Over 600,000 homes to benefit from Liquid Zambia’s enhanced internet access

Connectivity is the cornerstone of Zambia’s digital transformation journey. This remains vital in driving digital…

Read More

April food basket drops by K255.14-JCTR

This is compared to the March basic needs and nutrition basket which stood at K10,…

Read More