Chinese firm shows interest in reviving ZCMT

China-Africa Cotton Development Limited is a partnership between the China Africa Development Fund, Qingdao Ruichang Cotton Industrial Company and Qingdao Huifu Textile Company. The China-Africa Cotton as the parent company of China-Africa Cotton Development Limited invests in different parts of Africa producing 40,000 tonnes of cotton per year through the 90,000 smallholder farmers it has engaged.

After a meeting with a Chinese delegation that visited Zambia, Patrick Chisanga, director general, Zambia Development Agency (ZDA) said during the Zambia-Qingdao Commercial Dialogue Seminar, that the final negotiations with the Chinese investor for the takeover of ZCMT were in process.

“We are looking at the best models of revamping the textile plant, and we want to lease it to them once negotiations are completed. The operations at the plant are labour intensive and this will result in job creation,” said Chisanga.

The China-Africa Cotton has invested in many projects in various African countries, including Malawi, Mozambique, Zambia, Zimbabwe, and focuses on seed researching, plantation, cotton purchasing and processing, cotton seed oil processing and textile making with 'corporation & farmers' model. The company is a Chinese enterprise which directly conducts contracted planting, cotton purchasing and processing in Africa. (HO)

Fibre2fashion News Desk - India