Govt grants project sta­tus to TradeKings

Chronicle (Zimbabwe) - - Business - Harare Bureau

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.

Cus­tomers spot­ted “sus­pi­cious trans­ac­tions” on 40 000 ac­counts over the week­end, with money re­port­edly taken from about half of them

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