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Malawi govt plans integrated cotton & textile industry
13
Sep '14
The Government of Malawi is planning to set up an integrated cotton and textile industry in the country, bnltimes reported.

The Minister of Industry and Trade, Joseph Mwanamvekha said the merged set up will help the cotton industry in Malawi to incorporate several industrial processes like ginning, spinning, weaving and garments manufacturing.

Mr. Mwanamvekha said as most of the cotton companies are into ginning in the cotton value chain the Government of Malawi, will therefore, encourage investments in spinning, weaving and garment manufacturing.

He added that Malawi is falling back in the cotton sector by exporting raw cotton to international market.

He said the Government of Malawi intends to diversify the economy from heavy reliance on production and trade in traditional primary agriculture products such as cotton, which have economic spill-over and ready markets. Value addition and diversification will create employment in the manufacturing sector and save foreign exchange due to import substitution of manufactured goods, he added.

He also said that to improve the business environment in the country, the Government of Malawi will continue reviewing relevant economic laws and fast-track implementation of various regulatory and institutional reforms.

Mr. Mwanamvekha also mentioned the implementation of the Business Licensing Act, for the establishment of the Malawi Investment and Trade Centre as a one- stop-shop for investment matters in the country and the establishment of Special Economic Zones to review some of the laws in the country to encourage industrial development. (GK)

Fibre2fashion News Desk - India


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