ZACCI, LS-MFEZ partner

THE Zambia Chamber of Commerce and Industry (ZACCI) and the Lusaka South Multi Facility Economic Zones (LS-MFEZ) have signed an agreement to market the facility and attract investment in the area.

This is according to ZACCI president Michael Nyirenda. Mr Nyirenda explained that the Memorandum of Understanding (MoU) was also meant for the two entities to interface and network in terms marketing the zones.

He was speaking in an interview in Lusaka.

“I confirm that we have signed a MoU with LS- MFEZ to look at how we can interface and network in terms of marketing the same facility.

It is one way but we need to do more of that.

“We need to market this place to delegations even from outside Zambia. But we must show what availability the facility offers but also management needs to look at issues of other services for example water and electricity within the plant,” Mr Nyirenda said.

Meanwhile, ZACCI has welcomed Government’s intention to review the US$500, 000 minimum investment capital for one to invest in the LS-MFEZ.

Recently Commerce, Trade and Industry Minister, Christopher Yaluma, revealed Government’s intentions to re-consider the US$500, 000 minimum investment capital for an investor to set up business in the LS- MFEZ.

Commenting on the development, Mr Nyirenda said the US$500, 000 was too high for local investors and was hindering the growth of the sector.

One factor, he said, that inhibited local investors to grow their businesses was lack of finances.

Mr Nyirenda said it was therefore important that Government revisited the minimum investment capital in the incentives in the investment areas.

“If you compare it with other zones, the difference is that for these others the uptake is higher. Roma Park was fully subscribed and there was no more room there.

“But if you compare it with MFEZ, there is still a lot of space that is yawning.

So it is good that they are re-looking at this. This is very high for local investors,” he said.