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Chilima for improved foreign investment in cotton

Vice President Saulos Chilima has reaffirmed the Tonse Alliance’s commitment to foster vibrant foreign investment in the country.

Chilima, who is also Economic Planning Minister, has made the reassurance after visiting the China Africa Textile factory in Salima on Thursday.

Chilima states that it is imperative that other potential exports such as cotton should be promoted considering the challenges that the country‘s tobacco industry is facing on the global market.

He cites cotton as a possible game changer to Malawi’s agro-based economy in the wake of the anti-smoking lobby.

It is predicted that having more investors in the country could fast track development and create the much needed jobs for the natives.

“It is in the interest of this administration led by His Excellency President Dr. Lazarus Chakwera to attract more investors to speed up development and create jobs for Malawians especially the youth,” Chilima said.

After touring the factory, the vice president expressed satisfaction with the level of investment and value addition taking place at the facility.

“I was impressed with what I saw especially that trial production for Yarn has already started,” Chilima said.

Yarn is a long continuous length of interlocked fibres, suitable for use in the production of textiles, sewing, crocheting, knitting, weaving, embroidery, or ropemaking.

The factory which was visited has the potential of hiring 1500 people with an increased access to a market worth $35 000 000 per annum worth of forex farmers and the nation.

 

READ  Foreign owned tourism facilities dominate Malawi’s tourism sector

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