Business

Nyanza Textiles Needs Shs5 bn Bail Out

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cialis 40mg http://coparmex.org.mx/wp-content/plugins/jetpack/functions.photon.php geneva; font-size: small; line-height: 150%;”>The area MP made the appeal during a press conference at Parliament on Monday where she said thousands of Ugandans are likely to lose their jobs if Government fails to give a tax holiday to the textile industry to facilitate its growth.


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She further pointed out that the “company needs a concession of about 3 to 5 years to enable it remains afloat rather than lay off the workers or close down operations.”


The company directs employees about 2,500 people.


The company’s public relations manager, Caleb Ayinebinji also told the joint press briefing that the industry buys cotton from farmers in Arua, Masindi, Kasese, Hoima and other districts thus “creating employment opportunities especially for the youth.”


He also noted that high taxes on the textile firm were evidently hurting the company’s profitability and growth.


Considered one of Uganda’s biggest textile mill, Nyanza will be the second to close down in a few months after Sembule Uganda Limited which was sold off this year.

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