Defence Minster George Mpombo announced initiative to resume operations of Zambia-China Mulungushi Textiles (ZCMT) after Governments decision to write-off ZMK2.6 billion debts of joint venture.
On January 26, 2007, Government cancelled debts owned by the company from various departments. Company would again start its operation on March 31, 2007.
Salary arrears as on December 31, 2006 have been settled down after Chinese shareholders raised ZMK600 million.
Moreover, board has already planned to review shareholding structure to make joint venture more practical.
Minister also stressed on increasing investment on modern technology to improve quality and productivity of the company.
On January 2, 2007, company sent about 820 workers on forced leave.
Apart from this, Government is planning to establish and revive all research and development institutions.
In past couple of years, Government has already invested more than ZMK5 billion.
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