Revamping of Mulungushi Textiles Limited Welcomed by Cotton Board of Zambia
The Cotton Board of Zambia has praised the government’s initiative to find an equity partner for the revitalization of Mulungushi Textiles Limited, describing it as a significant step toward boosting the nation’s cotton industry.
The government, through the Ministry of Commerce, Trade, and Industry, has partnered with Qingdao Ruichang Industrial Tech Company Limited to spearhead the revitalization efforts.
Operations at Mulungushi Textiles Limited are set to commence in the fourth quarter of 2024, with the investor already procuring the necessary equipment for the first phase of the project.
The partnership will see the renovation of the original factory, the construction of new production facilities, and the installation of modern production and ancillary equipment.
Sunduzwayo Banda, Chief Executive Officer of the Cotton Board of Zambia, expressed optimism about the project, stating that the textile industry’s revival is crucial for enhancing cotton value addition and creating employment opportunities.
He emphasized that the textile sector should be prioritized within Zambia’s manufacturing landscape due to its potential for significant growth and job creation.
Banda also highlighted the positive impact that the revitalization of Mulungushi Textiles Limited will have on cotton farmers, particularly in improving rural livelihoods.
He commended the government for its policy initiatives in the 2024 national budget aimed at revitalizing the cotton value chain, noting that these policies are already beginning to yield results.
During the 2024 National Budget presentation, Finance Minister Situmbeko Musokotwane announced that the government would provide incentives to boost the cotton industry as part of its broader economic diversification and industrialization agenda.
The Cotton Board of Zambia views the revamping of Mulungushi Textiles Limited as a key driver of this strategy, with far-reaching benefits for the country’s economy and its people.
