adminTinashe Makichi Business Reporter
LOCAL cotton company, Sino-Zim has invested more than US$3 million towards funding 32 000 hectares of cotton around the country for the 2013-4 farming season.
In an interview with Herald Business, Sino-Zim development chief operating officer Mr Thomas Meke said his company has injected US$3 million to fund its cotton projects around the country.
“Cotton production has been low for the past decade and Sino-Zim has rolled out a considerable amount to empower the cotton farmers through contract farming.
“This year we are funding 32 000 hectares across the country and this goes in line with AMA’s directive which states that every company that wish to venture into cotton should surpass the US$1 million input supply scheme,” he said.
In the past cotton industry was dominated by Cargill Cotton and Cottco Zimbabwe and therefore Sino-Zim is coming as a new player in the industry having started its operations in 2010.
“Side marketing of cotton and the inputs has been a major challenge, but from the results of the ground we think this year we are going to bring back the cotton industry to its original status,” he said.
Mr Meke said much needs to be done towards resuscitation of cotton production in the country because it remains the biggest income generator for many rural families.
About 98 percent of cotton in Zimbabwe is grown under contract schemes which were introduced after farmers failed to access finance from the banks due to lack of collateral.
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