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17.08.2004 Regional News

New Juaben Assembly holds investors forum

By GNA

Koforidua, Aug. 17, GNA - The New Juaben Municipal Assembly in collaboration with the Ministry of Trade, Industry and the Presidential Special Initiative (PSI) on Garment and Textiles, on Tuesday held a Strategic Investors Forum on the proposed New Juaben Garment Limited.

The stakeholder forum discussed the mobilisation of the 10-billion-cedi start-up capital for the factory to be established in Koforidua, through the floating of shares.

The Municipal Chief Executive, Nana Adjei Boateng said the factory was one of the three investment activities selected by the Assembly, alongside the development of tourist attractions and a conference centre.

Nana Boateng said the Assembly selected the garment factory because of its immense socio-economic potentials.

The National Co-ordinator of the Rural Enterprises Development Programme, Mr Lawrence Akwasi Prempeh, explained that the programme was part of the government's efforts to involve the rural communities in the exploitation of their local resources.

The National Co-ordinator of the PSI on Garment and Textiles, Nana Tweneboa Boateng, said 120 garment factories had been set up at the Tema Industrial Processing Zone while a model production unit had been set up in Accra.

The REDP Consultant for the Municipality, Mrs Maureen Odoi said the garment company was expected to raise over one million dollars to produce a minimum of 30,000 units of garments per month and employ over 250 people.

She said beside the US, there was ready market for garments in the European Union, Asia and Sub-Saharan countries.

The chairman of the function, Odeefour Boadi Asiedu, Koforidua-Adahene, called on people to commit funds to make the venture a success.

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