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Senegal's SODEFITEX plans diversification of activities
22
May '14
Textile Fibres Development Corporation of Senegal (SODEFITEX) has announced that it has engaged in a process of diversification of its activities and has developed a strategic plan ‘SODEFIX 2020’, Senegalese Press Agency APS reported.
 
SODEFITEX CEO Ahmed Bachir Diop said they cannot just settle being a cotton company, and have developed a strategic plan with guidelines that will expand other agricultural crops in the country.
 
The strategic plan was unveiled at SODEFITEX’s headquarters in Dakar during a ceremony to mark 40 years of the company’s existence, since it was established by the Senegalese Government in March 1974.
 
SODEFITEX decided to diversify because the price of cotton is subject to volatility, which cannot be controlled. If everything is invested in cotton, there may arise enormous difficulties, Mr. Diop said.
 
Hence, SODEFITEX has decided to work on other crops, along with growing cotton, while working with farmers. The plan is based on consolidating the strengths and reducing the risks associated with growing only cotton, said Mr. Diop.
 
The strategic plan for 2014-20 also stresses on enhancing the quality of cotton fibre through investing in research.
 
Lamine Lô, Chief of Staff of the Minister of Agriculture, said the diversification of SODEFITEX would enable job creation and distribution of higher income.
 
However, Moussa Sabaly, president of the National Federation of Cotton Producers, warned that the diversification plan could result in risk diversification.
 
In 1992, Senegal produced a record cotton output of 50,000 tons, but production declined thereafter.
 

Fibre2fashion News Desk - India

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