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Angola ties with South Korea for upgradation of cotton production
Dec '10
Exalgina Gambôa, the Angolan Secretary of State for Cooperation recently inked a financial agreement on behalf of the Angolan government with the Republic of South Korea, in Luanda. After signing this agreement, the second stage of the cotton production upgradation programme in Sumbe in the Central Kwanza Sul Province is believed to commence in early part of 2011.

Gambôa, while speaking at the occasion, said that the funding for the project which is estimated to be around US $49.9 million would be diverted towards revival of the country's agriculture by way of boosting the cotton production.

The Deputy Foreign Affairs Minister for South Korea, Kim Jae-shin, who inked the agreement on behalf of South Korea, revealed his country's interest in joining hands with the Angolan government for boosting economic welfare and social development in the country.

He stated that, his country would be interested in assisting the Angolan government in areas of fisheries, more sophisticated technologies and telecommunications.

The finance for the project was extended by the South Korea's Exim Bank to the Angolan Ministry of Agriculture, Rural Development and Fisheries.

Fibre2fashion News Desk - India

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