Swazis advised to explore textile industry to gain from it

13 Sep '11

2 min read

Chief Executive Officer of Swaziland Investment Promotions Authority (SIPA) Phiwayinkhosi Ginindza has said that in spite of having a vast market in the US and Africa, Swaziland has still not succeeded in exploring the textile sector.

Mr. Ginindza said that the industry has been recognized by the potential markets since long and there are many players who are benefiting from the same, but these players were not Swazis.

Addressing a business forum, the SIPA official said it is imperative for the Swazis to cash-in on the textile industry and added that the country's markets are meant to benefit locals, but in this case, outsiders are benefiting from the same.

He said that cotton is one commodity from which the country can make more money, but the industry underwent hard times in the past.

However, as the cotton prices have escalated now, and there is some optimism, he advised that the country may look forward to boost cotton production as the crop does not need much water to subsist.

The official informed the attendants that SIPA, besides extending foreign direct investment (FDI) assistance, also has a department for domestic investments which engages in extending assistance to locals in the form of business suggestions, referrals and counselling.

Besides, SIPA also disseminates information on opportunities for business and facilitates access to domestic as well as global markets, he said.

The department also helps small and medium enterprises (SMEs) fine tune with concerned stakeholders who were advancing the entrepreneurial sector and introduce and connect potential SMEs to financiers, he added.

Fibre2fashion News Desk - India

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