COTTCO Holdings (Cottco) says it will set up a 60-tonne per day oil expressing factory in Gokwe, which is expected to support rural development.
The cotton crop supports thousands of livelihoods in smallholder farming communities around the country.
The country’s largest cotton financier’s products play a huge role in import substitution because they cannot be made from other sources of raw materials.
“Cottco has paid a deposit and commenced site clearance for a 60 tonnes per day oil expressing plant to be located in Gokwe,” Eunice Mupanduki, Cottco’s company secretary, said in a trading update for the period to August 31, 2023.
The number of farmers registered to grow cotton increased by 22,44 percent to 360 224 during the 2021/2022 season from 294 202 growers in the previous season after being paid 75 percent in US dollars for the crop.
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