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Chinese firm to set up Textiles Zimbabwe Limited
31
Aug '12
A Chinese company is setting up Textiles Zimbabwe Limited in southern African country of Zimbabwe to support its textile business.
 
China Associated Textiles Co. Ltd. will be initially investing US$ 2,970 to establish Textiles Zimbabwe Limited, in which it will hold 99 percent stake. The remaining one percent stake will be held by Mr. Jonas Chindanya, Director of Cotton Company of Zimbabwe (Cottco).
 
The Textiles Zimbabwe project, to be established under the active encouragement and support of the Governments of China and Zimbabwe, will manufacture textile raw materials to support textile processing and trade of China Associated Textiles Co. Ltd.
 
China Associated said there are huge price fluctuations in global cotton market, and in the long-term, cotton prices in international markets will be higher than costs.
 
The company said the project has been possible due to amicable relations between Zimbabwe and China, as well as the availability of cotton in Zimbabwe.
 
It added that the Zimbabwe project will form the basis for the company to expand its business in Africa. 
 

Fibre2fashion News Desk - China

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