By NATION REPORTER
THE Cotton Board of Zambia has projected a positive outlook for the cotton industry in 2024 owing to the solid policy foundation laid in 2023.
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The board was confident cotton industry players would this year take advantage of many incentives the government had introduced to stimulate growth in the sector.
Board Chief Executive Officer, Sunduzwayo Banda, encouraged all cotton industry players to invest more in the industry to maximise crop productivity.
He said it had been noted that it was for this reason that the Government had introduced various policies to enhance the growth of the cotton sector.
He also projected that the outlook for this year remained positive following the conducive rain season the country was facing in most cotton producing areas.
Mr Banda explained that cotton was a drought tolerant crop which was expected to perform well in such conditions.
He had also said it was a carbon friendly crop.
And Mr. Banda described 2023 as a positive year following many achievements the industry recorded.
He said the board would capitalise on the milestones recorded in 2023 to achieve its industry transformation agenda.
Mr Banda cited the approval in principle by cabinet to introduce a Bill in parliament to amend the Cotton Act of 2005 to enhance the regulation of cotton industry in the country as a game changer.
Mr. Banda explained that cotton industry players should take advantage of the Government’s drive to unlock the economic potential for the industry through various incentives provided.
Mr. Banda cited the 5-year tax holiday on profit for local cotton seed producers as well as 5-year tax holiday on profit from ginning of cotton will boost investment in the sector.
He also highlighted the successful hosting of the national cotton conference under the theme of sustainable and inclusive cotton for all which attracted various stakeholders across the country.
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