Home / Knowledge / News / Textiles / Japan to fund resumption of textile industry in Angola
Japan to fund resumption of textile industry in Angola
14
Jul '10
According to the Minister of Industry, Geology and Mines, Joaquim David, Japan has given away US $500 million as funds to Angola, so as to implement the project of re-launching the nation's first three textile industry units.

The funds that have been acquired by Angola's Forestry Development Institute will be covering 85 percent of the cost of the project, which will be developed in phases, informed David in Luanda.

These statements were made during the inaugural of a meeting on 'Re-launching the Textile Industry in Angola. Further more, David added that, the project involved firms like Textang II from Luanda, Africa Textil 1 de Maio from Benguela and Satec from Dondo.

The project is likely to commence with the rehabilitation of Textang II, wherein around US $240 million will be invested, followed by Africa Textil 1 de Maio in Benguela, which will witness investment of $480 million and last is Satec in Dondo with an investment of $150 million, averred David.

Owing to shut down of operations at the three plants, several people had lost their jobs. But with the new initiative, the Minister hopes that Angolan entrepreneurs would soon be in a position to operate their closed plants again, instead of keeping the same under management or state control.

Fibre2Fashion News Desk - India

Must ReadView All

Textiles | On 23rd Mar 2017

South Korean Samil Spinning acquires Buhler Quality Yarns

South Korean yarn producer Samil Spinning has acquired US based...

Apparel/Garments | On 23rd Mar 2017

E-retailers to pay up to 1% TCS under GST

E-retail marketplaces will need to deduct up to 1 per cent tax...

Textiles | On 23rd Mar 2017

Lanxess to expand chemical intermediates capacity

The Advanced Industrial Intermediates business unit of German...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search