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China seeks cotton trading cooperation with Tanzania

26
Jul '12

To help the Tanzanian cotton farmers who suffered heavy losses due to lack of market for their cotton, the Chinese Government has put forth a proposal for establishing a trading cooperation with Tanzania, Chinese ambassador to Tanzania, Lu Youqing has said.

Speaking on the fifth ministerial conference of Forum on China-Africa Cooperation (FOCAC) that recently concluded in China, Mr. Youqing said the Tanzania-China cooperation could prove beneficial for Tanzanian cotton markets.

He mentioned that the National Bank of China is also desirous of supporting Tanzanian farmers in cotton planting and processing, and has already allocated funds for the project.

Mr. Youqing said he has invited a Chinese textile firm to invest in Tanzania, and added that the proposed investment by Chinese company would double Tanzania’s cotton production.

Tanzanian cotton is considered to be the world’s best cotton as it is free from chemical contamination, he said and stressed on the need for a cooperation model between the Chinese company and Tanzanian farmers. Such a step would also assure permanent market for Tanzanian farmers, he added.

China would by all means try to accomplish the China-Tanzania agricultural cooperation target, which involves an overall investment of up to one billion USD, he said.

Mr. Youqing said China wishes to share its long accrued technologies and experiences in cotton plantation, seed optimisation, product processing capability and value addition knowledge with Tanzania.

China-Tanzania bilateral trade volumes grew from US$ 1.11 billion to US$ 2.15 billion during 2009-2011. If the trade volumes of US$ 770 million between January-May 2012 are added, the bilateral trade volume since 2009 totals US$ 5.7 billion, the ambassador said.

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