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Islamic Development Bank to help Mozambique cotton sector
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May '14
The Islamic Development Bank (IDB) is going to support Mozambique’s cotton sector in its effort to transform from being an exporter of raw cotton to processor of cotton. This was revealed at the recently held Investor Conference on Cotton and Textiles in Maputo, reports Notícias.
 
Data indicates that Mozambique currently produces an average of 100,000 tons of cotton per year, most of which is exported in the raw form to the international market.
 
Speaking at the conference, IDB’s representative M. Ali Khan said the conference is a signal to the IDB that Mozambique is engaged in the development of the cotton sector.
 
Mr. Khan said the IDB believes that cotton is an important product for Mozambique’s economy, mainly because it provides occupation to a good number of people.
 
At present, about 250,000 families are involved in cotton cultivation in Mozambique, and it has created over 15,000 jobs along its value chain through 14 companies. Cotton is also the third largest foreign exchange earner for Mozambique among agricultural products, and the seventh largest overall.
 
Hence, capacity building by enabling the country’s cotton sector to improve its production chain would result in creation of more jobs in Mozambique.
 
The conference was organized at a time when Mozambique Government is implementing the Textile and Clothing Strategy aimed at revitalizing and adding value to cotton and textile products and thereby generate viable returns to investors, while creating new employment opportunities.
 
Cotton production in Mozambique grew from 41,000 tons in 2009-10 to 65,000 in 2010-11 and reached 184,141 tons in 2011-12. However, the production fell to 67,392 tons in 2012-13, against the target of 100,000 tons. In 2013-14, the production of raw cotton is expected to increase by nearly 65 percent to 110,000 tons.
 
Meanwhile, a new factory to manufacture woolen blankets and clothing items is set to be constructed in Chimoio, the capital of Manica province and the fifth-largest city in Mozambique. The factory is likely to become operational by the middle of 2015.
 

Fibre2fashion News Desk - India

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