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Closed Sino-Zambia textile mill to reopen

09
Mar '10
By end of the existing year it has been decided to reopen the Zambia China Mulungushi Textiles (ZCMT). The company was jointly owned by China and Zambia with respective share holding of 66 percent and 34 percent, and was shut down in 2008.

Kalombo Mwansa, Defence Minister, divulged before the Parliament, that as and when the textile company reopens, employment opportunities will be generated for over 1,000 of people residing in Kabwe.

He also stated that a dialogue is going on between government of Zambia and China, in order to figure out as to what amount of contributions will follow from both the countries, towards operations of the company.

According to him, a proposal of acquiring majority share holding in the company is also being considered by the government. If this materializes, major control of the company will be with the government which will aid in circumventing any future closures. He further added that, the government is trying to find out a third partner for acquiring shares of the company through Zambia Development Agency (ZDA).

While responding to Davies Mwango, Member of Parliament, Kanchibiya who was keen to know if ZCMT is going to be reopened, Dr. Mwansa, observed that the government will see to it that the company acquires high-tech technology and also that the products that are produced by the company will be sold in the international market.

He also revealed that the partners withdrew from the company, as it was running in to losses due to outdated machineries.

Fibre2fashion News Desk - India


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