Govt grants project status to TradeKings
Government has granted National Project Status to TradeKings Zimbabwe’s $50 million investment projects, Finance and Economic Development Minister Patrick Chinamasa said.
The move has seen the company bringing plant and equipment required for the construction of a detergents plant. The detergents plant is phase one of five year $50 million investment Trade Kings is embarking on which will see the local manufacture of products such as Boom washing powder and Ama Sip Sip maheu.
“As Government, when such projects come up, it is our responsibility to give investors enough support. It is critical that we lay a firm foundation for the revival of the manufacturing sector.
“In this case Government had to forego the duty fees that were to be collected by granting the National Project Status to the project.Once the project is up and running I am sure it is going to create employment while also contributing to the fiscus,” said Minister Chinamasa while speaking at the tour of the company’s plant facilities in Workington yesterday.
TradeKings group managing director Sayed Mahmed said the manufacturer has started rolling the $50 million expansion strategy that will run for the next five years.
He said the investment will run in phases starting with the construction of a $15 million detergents plant.
Beginning next year the company will start setting up a maheu and chips production plants in the country.
“Phase two and phase three of our investment plan is currently underway. Groundwork and planning are progressing very well and in 2017 we will commence the installation of a maheu and beverages plant, as well as a chips and snacks plant as separate facilities right here in Harare.
“A significant amount of investment is therefore being made into Zimbabwe in establishing local manufacturing facilities for a wide range of products. TradeKings Zimbabwe has responded to the call of the Government for investment under Zim-Asset,” said Mr Mahmed. He said the commissioning of the detergent plants which can cater for both the local and export markets is expected in the first quarter of 2017.
The manufacturing group also operates ZimKings Trading, a Zimbabwean-owned company specialising in the marketing and distribution of fast moving consumer goods.
Speaking at the tour, Industry and Commerce Minister Mike Bimha said investments by the private sector remain key to the revival of the local economy.
He said the investments being rolled out by TradeKings are a testament to the fact that policy measures that were introduced by Government are beginning to achieve the intended results.