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Govt to allocate over US $2 billion for industrial revival

11
Jan '11
Joaquim David, Minister of Geology, Mining and Industry recently confirmed the state's intention to release over two billion dollars for financing the revival of various factories in the nation.

In this context, the Minister had made an announcement that a textile factory - “Textang II” would be revived, by equipping it with the latest technological equipment, so as to enable it to produce goods that can compete with the goods brought in from foreign countries.

Of the total funding of more than two billion dollars, over 50 percent is meant to be used for revival of the private sector industries.

He affirmed that, presently the sector is in an underpinning stage where it is analyzing and discussing the financial contracts for revival of the industries like the cotton-ginning industry in the province of Malanje, “África Têxtil” in Benguela province and the “Satec” in the city of Dondo in the Kwanza Norte province.

He also stated that, as far as the agricultural sector is concerned they are trying to raise the area under cotton cultivation.

Revival of the textile industry of the country was amongst the most important activities undertaken during 2010, the Minister said.

Fibre2fashion News Desk - India


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