In the 2011/12 farming season the company financed the production of 104,000 tonnes of cotton, Zimbabwe’s New Ziana news agency reported.
Cottco managing director David Machingaidze said the company will contract 135,000 growers countrywide in the upcoming season compared to 100,000 in 2010.
“We are targeting 200,000 tonnes of cotton in the 2012/2013 farming season. All those who participated in our input credit scheme last year can qualify as long as they have paid their debt,” he said.
“We are not able to register new growers, those who benefited last year; registration is underway at all Cottco depots nationwide,” he added.
Machingaidze, who is also Cotton Ginners Association chairperson said despite the ongoing challenges in the industry; the sector was poised for growth.
“Apart from the current difficulties like the pricing issues and price controls, the future of the country’s cotton industry is still bright,” he said, adding that Cottco alone was targeting to purchase 150,000 tonnes of seed cotton in the 2011/12 marketing season against the company’s ginning capacity of 265,000 tonnes.
Cotton is the country’s second largest foreign currency earner in agriculture after tobacco and is a source of livelihood for over 250,000 families in the drier parts of Zimbabwe.