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Business News Fri, 11 May 2007

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Juapong Textiles Factory Opens

Juapong (V/R), May 11, GNA - The Government's efforts at re-activating the country's distressed but viable industries to create jobs took a giant step forward on Friday with the re-opening of the Juapong Textiles Limited in the North Tongu District of the Volta Region by President John Agyekum Kufuor.

Now named Volta Star Limited, the refurbished factory is being operated as a joint partnership between the Government and U-Rich Limited, a Chinese textiles and garments giant.


Currently, it is employing 185 people including five management staff from China and at full capacity, the personnel would number 800. The Chiefs and people in the area defied a heavy downpour to witness the inauguration.


President Kufuor said the revival of the factory under the Government's District Industrialisation Programme was based on the company's strategic importance in terms of the utilisation of locally grown cotton and the extent to which it could accelerate the economic development of the district and the adjoining ones and help to resuscitate the nation's textile industry.


He said the partnership with the reputable Chinese Company was significant, because of the extreme competition in the international textile market in which, China is the undoubted leader. "This partnership is founded on the concept of win-win. Our partner comes with technical know-how and how to access the market, which should sustain the competitiveness of our factory."


President Kufuor said as opportunities for work returned to the area, it was important for the entire workforce to learn to cultivate the best work ethic that was crucial to the continued survival and success of the company.

The mindset must be that each individual's fortunes are tied up with that of the factory.


He stated that the Government would closely monitor the operations of the company to make sure that the investment put into its re-opening yielded the desired result.


Mr Allan Kyeremateng, Minister of Trade, Industry and PSIs, said the re-activation was significant as it would send a strong signal about the Government's commitment to revive collapsed industries that have the potential to give jobs to the people.


He said the restoration re-establishes the fundamental premise underpinning the Government's development agenda, which was to stabilise the economy to create the platform for job openings.


The Juapong Textiles Limited was established as a public-private partnership in 1968 to produce greybaft, but folded up about a year and a half ago, following the filing for liquidation by the Dutch giant Briscoe, that was operating it. 11 May 07

Source: GNA

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