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Govt questioned on financial aid to textile firms

05
Mar '07
More and more questions are raised on financial support offered by Uganda Government for promotion of textile firms exporting to US under AGOA.

This problem came into limelight again after closure of Apparel Tri-star, which was provided loan and other subsidies worth US $20 million for enchaining exports under AGOA.

Experts are questioning Government's strategy to invest in private enterprises, which sometime end up in collapsing.

However, some of them are of the opinion that Government should provide financial support to firms to attract more investors.

Phenix Logistics is one of the companies which received financial support from the Government. Company manufactures textiles exported to US with locally grown organic cotton, which help them to be complied with third country fabric provision.

Company is expected to generate revenue worth $4 million per annum from exports to US.


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