IDC targeting to inject US$15 million in Mulungushi Textiles in Kabwe

13
1,963 views

IDC
THE Industrial Development Corporation (IDC) is targeting to inject US$15 million in Mulungushi Textiles in Kabwe following the takeover of the firm this year.

IDC treasury representative Dominic Kabanje said the funds are aimed at revamping the firm.

“We are in the process of revamping Mulungushi Textiles which we have just taken over in Kabwe. The firm is coming up,” he said in an interview during the Zambia International Trade Fair in Ndola yesterday.

Mr Kabanje said the corporation has already employed 300 people and by the end of the year, 568 will be engaged. He said at full production capacity, 2,500 will be employed.

The firm has projected to inject US$15 million out of which US$5 million will be used as working capital, US$5 million for refurbishing and buying new equipment while US$5 million is for out-grower scheme.
He said the corporation is scaling up production slowly until it reaches full capacity by putting capital as it goes ahead and increasing the number of jobs.

This year’s ZITF theme is “Enhancing value addition for job creation”.
Mr Kabanje said the theme is in line with IDC’s mission and mandate to make industrialization work for Zambia by creating wealth and jobs in the country.

IDC, which is owned by Government and the people of Zambia through the Ministry of Finance, has 34 former state- owned enterprises under it.

Loading...

13 COMMENTS

  1. What kind of election lies are these ? Employing people even before you have machinery or the site secured. ?

    0

    0
    • What happened to the Tanzanian mwenyes that PF brought in as investors in this same company? ZWD exposed them as fake but PF supporters kept on praising the mwenyes. So reality has set in after all but new lies are being made up. What will the company be making? What is the target market? What are its competitive strengths against cheap Chinese imports? All these are critical matters that should be addressed before voters in Kabwe are tricked into voting for these Pathetic Failures.

      0

      0
    • We the people of Kabwe are wise we shall not buy in this lie.We are not kids.PF you are losing Kabwe.

      0

      0
  2. If they don’t employ people who will guard, clean and over see the general preparation of installing the machinery at the plant…? Everything is politics….? U are the same people who are wishing doom for Zambia so that your small god hh has something to campaign on…!

    0

    0
    • 300 people employed to clean and guard ?and there is no machinery to installed yet

      0

      0
  3. Where is the money? Feasibility Study? Management?
    Please, this “90 days” promises have become absolute. Try something new.

    0

    0
  4. Another no brainer…inject $15 million the textile is up and running? You tell me you are going to compete with cheap Chinese textile? Even party regalia is cheaper importing from China…how did they come up with the 15 million figure?

    0

    0
    • This is the target money to be stolen. They clearly have not done their homework. Zambia no longer has a competitive advantage in textile manufacturing. If they are talking about a halfway product like cotton lint or yarn, maybe. But not chitenges and finished products. Even South Africa is failing to compete against the Chinese. This just shows the dangers of employing PF cadres at IDC.

      0

      0
  5. Campaign gimmick a load of lies. Where is the money coming from? sATA PROMISED IT AND NOW THE SAME LIES ARE BEING TOLD. After all Zambia has minority shares in Mulungushi Textiles and China has the majority, so please stop telling lies and putting false hopes in a people who have not benifitted from the PF rule. Kabwe has gained nothing and is a town forgotten.

    0

    0
  6. This after that friend of the politician, some Tanzanian retailer who stripped assets has had his fill and been allowed to peacefully depart. What a mess!

    0

    0
  7. Let’s hope that there are no litigations by the Tanzanian investment. The bottom line of Mulungushi Textile resuscitation is total overall of outdated textile technology either under PPP or on private investor arrangement

    0

    0
  8. Great investment and Job creation strategy, I look forward to seeing government setting an example to ourselves and posterity by encouraging the growth of the firm by giving the textiles first choice to its fabric and tailoring needs.

    0

    0

Comments are closed.