ANGOLA: Textile industry gets US$1bn Japanese revival
Angola's clothing and textile industry, largely destroyed by the country's 27 year civil war, is now being revived, with US$1bn worth of investment provided by the Japanese Bank for International Cooperation (JBIC).
The money will fund the development of three major plants, with Japan's Marubeni Corporation being the "contractor who supplies not only engineering, equipment and construction but also training for operation staff for all the factories and arranges the appropriate finance package," a spokesperson from Marubeni's head office in Tokyo, Japan told just-style.
The company will also continue to provide technical assistance for operating the factories, which will be owned by the Angolan government, once they are completed, he noted.
The Textang-II factory will be completed and start operating in earnest next month in the capital Luanda. Test production has been ongoing since December. And two other projects - Africa Textil in Benguela province and Setac in the city of Dondo - will start operations in February and July 2015, respectively.
When completed, the three projects will create 3,500 jobs, the spokesperson said. They will make products ranging from fabric for denim, uniforms, T-shirts and polo shirts. These will be sold to the domestic market initially, with exports to neighbouring countries to follow, he said.
Angola had a thriving and "active textile industry" before the civil war, he noted. But now the "country relies mostly on imported textile goods," said a JABIC note adding: "The Angolan government has a "policy priority in the rehabilitation of the textile industry".
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