What's Hot

    Bahrain hosts Egyptian delegation as trade soars

    June 29, 2022

    Dubai Chambers registers over 1,600 African companies since October 2021

    June 28, 2022

    GrubTech: Transforming restaurants and cloud kitchens

    June 27, 2022
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      ACWA Power consortium signs agreement for 1.1 GW wind project in Egypt

      June 23, 2022

      Gulf sovereign funds sign deal to spur investment in Africa

      June 22, 2022

      Algeria and Qatar to explore tourism and real estate investments

      June 21, 2022
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Bahrain hosts Egyptian delegation as trade soars

      June 29, 2022

      Dubai Chambers registers over 1,600 African companies since October 2021

      June 28, 2022

      Sierra Leone’s Investment and Export Promotion Agency meet with Qatar Chamber to discuss economic cooperation

      June 16, 2022
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      ITFC begins disbursing additional USD 3 billion in credit to Egypt, willing to provide more

      Agri commodities Agri-Business Islamic finance June 17, 2022
      Recent

      ITFC begins disbursing additional USD 3 billion in credit to Egypt, willing to provide more

      June 17, 2022

      MENA startups raise USD 176 million in May

      June 14, 2022

      ITFC doubles Egypt’s credit limit to USD 6 billion to cover imports of wheat

      May 30, 2022
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Agri commodities

    SSA Investments signs MoU with Ugandan trade minister for cotton revival

    Turkish-based SSA Investments has signed and memorandum with Uganda in a bid to revive the country’s cotton business.
    January 25, 20183 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Uganda’s state minister for trade, Michael Werikhe has signed a memorandum of understanding with SSA Investments’ chairperson, Adnan Sarihan as part of efforts to revive the country’s role as a major cotton producer in Sub-Saharan Africa.

    Speaking during the signing ceremony, Sarihan said, “This journey has started with a fact-finding visit in October 2014 to see and assess if we can have any chance to invest in cotton spinning here in Uganda. I particularly recall my heartfelt interaction with cotton farmers in Mutumba in Iganga district during my visit. This was followed by our study to structure a specific business model to serve the needs of those farmers to touch the lives of roughly 200,000 people.” He continued to say, “It has been proven that cotton and cotton textile industries are the engines of economic growth both in developed and developing countries.” It has been proven that cotton and cotton textile industries are the engines of economic growth both in developed and developing countries.

    It has been proven that cotton and cotton textile industries are the engines of economic growth both in developed and developing countries.

    Uganda’s cotton industry was liberalised in 1994 leading to the disbandment of the Lint Marketing Board and its subsequent replacement with the Cotton Development Organisation, (CDO), a move that has been widely regarded as the turning point at which the industry was weakened. Just a decade earlier, cotton was paid by the ginneries which were mostly co-operatives, but as an added security the government also provided a subsidy. Today, the varying price of the commodity has had a direct effect on whether farmers choose to participate, meaning that both production and trade can be difficult to estimate.

    According to statistics from Bank of Uganda, while exported cotton rose to 63,512 tonnes in 2015 from 40,671 tonnes in 2014, the falling value meant that despite an increase in volume, farmers were worse off in 2015, leaving to a decrease in farmers participating in cotton production.

    Continuing with his speech, Sarihan cited Turkey’s position as an ideal partner, thanks to its, “young population and disposable income, an increased number of tourists visiting Turkey from neighbouring Middle Eastern countries are contributing to this surge in local sales of textiles. Turkish textile producers are increasing their store numbers in export markets, such as the Middle East, North Africa, and Europe, to penetrate more to the markets that they are already in. The rise in exports to Turkey’s traditional markets, such as Europe and Russia, and also in new markets such as Iran, will help to support the cotton consumption in the future as well.” Related article CCPIT chooses Lebanon for MENA headquarters

    China’s trade body picks Lebanon as its regional base for Middle East and North Africa.

    SSA Investments’ timing could be spot on should Abares’ forecast be correct which estimates the commodity to rise to around $0.80 cents per pound in 2017/18 and as high as $0.88 cents per pound by 2021/22.

    Adnan Sarihan Cotton Kampala Michael Werikhe SSA Investments trade Turkey Uganda
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleAfrican Union declares 2018 as the African anti-corruption year
    Next Article Kenya’s prime market expected to recover in H1 2018

    Related Posts

    Business & Trade

    Bahrain hosts Egyptian delegation as trade soars

    June 29, 2022
    Business & Trade Commodities

    Dubai Chambers registers over 1,600 African companies since October 2021

    June 28, 2022
    Business Entrepreneurship Innovation

    GrubTech: Transforming restaurants and cloud kitchens

    June 27, 2022
    Add A Comment

    Comments are closed.

    LATEST STORIES

    Bahrain hosts Egyptian delegation as trade soars

    June 29, 2022

    Dubai Chambers registers over 1,600 African companies since October 2021

    June 28, 2022

    GrubTech: Transforming restaurants and cloud kitchens

    June 27, 2022

    FDI: The UAE receives 41% share of investments across Arab countries

    June 24, 2022

    ACWA Power consortium signs agreement for 1.1 GW wind project in Egypt

    June 23, 2022
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.