The Uganda Free Zones Authority (UFZA) recently issued two developer’s licenses to BlockChain Technologies (U) Limited and Shree Modern Textiles Ltd to develop free trade zones, or free ports, in Kampala and Jinja districts respectively. Free ports are designated areas in which companies are lightly taxed or attract no tax at all to encourage trade.
Shree Modern Textiles will invest in ginning, weaving and making textiles, while the other company plans to undertake the business of digital innovation and software production.The Uganda Free Zones Authority (UFZA) recently issued two developer's licenses to BlockChain Technologies (U) Limited and Shree Modern Textiles Ltd to develop free trade zones, or free ports, in Kampala and Jinja districts respectively. Free ports are designated areas in which companies are lightly taxed or attract no tax at all to encourage trade.#
The major products expected from the textile facility include crew-neck T-shirts, polo T-shirts, terry towels, trousers and full sleeve shirts. The free port covering 81 acres is estimated to employ 1,500 people directly and create around 4,500 indirect jobs, according to Ugandan media reports.
Shree Modern Textiles is a flagship company of the Uganda-based Nile Agro Group of companies involved in the manufacturing of products like laundry soap, wheat flour, plastic jerry cans and water tanks. (DS)
Fibre2Fashion News Desk – India
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