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Govt raises purchase price of cotton lint
13
Apr '10
The Cotton Development Authority (CODA) in Kenya, responding to the plea of industry players to regularize cotton prices has set a new and higher fixed price, thus furthering an opportunity to the cotton farmers, to generate higher earnings.

The price which formerly varied between Sh21 and Sh25 per kilo has been raised and fixed at Sh32 per kilo by the Authority.

As cotton will be made available to the ginners in bulk at several buying centres, the farmers will not anymore be required to incur transportation costs, a statement released from Ministry of Agriculture specified.

Imports of low-priced second hand clothes coupled with liking for foreign made garments are the factors that have created pressure on the industry, compelling several textile companies to put down their shutters. Over 41 companies, since 2006, have shut their mills, rendering over 400,000 workers jobless.

In the past, indications did follow from the side of Prime Minister Raila Odinga, that plans to shore up the industry from the wreck of financial wretchedness will soon be made public, thus ensuring that the sector resumes its vitality.

The premier said that, subsidies and tax waivers are amongst other measures that are laid down to aid the investors, and also that, the Ministry of Agriculture has been empowered to interfere in case the industry players neglect to comply with the new rules.

Also the cotton ginners have been asked to update their machinery so as to raise productivity and increase their incomes.

Fibre2fashion News Desk - India


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