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Biggest Chinese cotton agriculture project initiated in Malawi
29
Jun '09
The largest agricultural project of China's investment in Africa--"China-Africa Malawi Cotton Corporation” was officially put into operation on June 25 in Baraka area, Malawi, a southern African country.

The total investment of the project will be US $19 million, aiming to promote the level of cotton processing in Malawi through development of seeds optimization, cotton ginning, oil squeezing and spinning.

"China-Africa Cotton Industry Development Co., Ltd." is responsible for the investment project in Malawi, which in turn has been formed and established with investment from four other companies.

In addition to Malawi, the company is also responsible for a cotton investment project in Mozambique, also in the African continent and the total investments of the two projects could reach $34.721 million.

According to Zhao Jianping, chairman of China-Africa Development Fund, the cotton project in Malawi is the first agricultural project in Africa invested by China-Africa Development Fund.

The first phase of the project will employ 1,000 local people, and purchase cotton directly from 50,000 cotton farmers in Malawi, which will push up their incomes. It is in line with a philosophy set by China-Africa development fund.

Malawi is an agricultural country and it is one of the least developed countries as announced by the United Nations, but its economy has maintained rapid development in recent years.


Fibre2fashion News Desk - China


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