Lira Spinning Mills plots $13m expansion
CHINA financiers are to inject $13m into Lira Spinning Mills by the end of this year to increase the firm’s production capacity, representatives of the company told the Vice- President last week,
CHINA financiers are to inject $13m into Lira Spinning Mills by the end of this year to increase the firm’s production capacity, representatives of the company told the Vice- President last week, writes Vision Reporter.
Capitol Group and Lira Spinning Mills representatives visited Prof. Gilbert Bukenya at Ntinda to update him on the progress of the Lira factory and the cotton trade between Uganda and China.
Capitol Group are international partners of Jinda International Textiles Corp., the firm which took over Lira Spinning Mills.
Bukenya thanked the Chinese for investing in Uganda and asked them to help Uganda produce finished fabrics rather than unfinished ones like lint.
“I want Uganda to produce cloth like the one you are wearing rather than just lint. You can help us turn this country into a weaving centre for East, Central and Southern Africa. That way, farmers will grow more cotton and earn more money,†he said.
“We are currently buying fabric in order to use our quota under the Africa Growth and Opportunities Act. We want as many investors as possible to make fabric in Uganda.
The Government will support Lira Spinning Mills to achieve this,†he said.
Jinda’s chief executive officer Jing Hong said the firm had exported cotton worth $8.7m in the last season, but expected to increase exports to $17m in 2004/2005.
Capitol Group and Lira Spinning Mills representatives visited Prof. Gilbert Bukenya at Ntinda to update him on the progress of the Lira factory and the cotton trade between Uganda and China.
Capitol Group are international partners of Jinda International Textiles Corp., the firm which took over Lira Spinning Mills.
Bukenya thanked the Chinese for investing in Uganda and asked them to help Uganda produce finished fabrics rather than unfinished ones like lint.
“I want Uganda to produce cloth like the one you are wearing rather than just lint. You can help us turn this country into a weaving centre for East, Central and Southern Africa. That way, farmers will grow more cotton and earn more money,†he said.
“We are currently buying fabric in order to use our quota under the Africa Growth and Opportunities Act. We want as many investors as possible to make fabric in Uganda.
The Government will support Lira Spinning Mills to achieve this,†he said.
Jinda’s chief executive officer Jing Hong said the firm had exported cotton worth $8.7m in the last season, but expected to increase exports to $17m in 2004/2005.