Blue Ribbon gets big boost
GOVERNMENT has commended a Tanzanian company, Bakhresa Holdings, for investing in Blue Ribbon Foods Limited and boosting production through the injection of $21,5 million.
Speaking during a tour of Blue Ribbon Foods last week, Industry, Commerce and Enterprise Development Minister Dr Mike Bimha said the investment by the foreign company had helped in boosting employment.
“My ministry is intrigued by the level of commitment that has been shown by the Bakhresa Holdings in investing in the country.
“Our friends from Tanzania have injected an astounding amount of $21,5 million in Blue Ribbon Foods Limited.
“This resulted in people being directly employed by the company and thousands in upstream and downstream industries such as bakery, transport and agriculture sector”, he said
Minister Bimha said the investment would assist in developing wheat and maize value chains.
“This commendable effort is a clear testimony that you mean business and you are here for business,” he said.
“Your Chibataura brand has maintained dominance on the market and given choice to your valued customers.
“I applaud you for bringing competition to the milling industry. Investment of such magnitude will go a long way in developing our wheat and maize value chains.
“The milling industry provides a ready market for our farmers in line with our thrust on value addition and beneficiation as enunciated in the Zim-Asset.”
Dr Bimha urged the company to enter into contract farming of wheat to guarantee the supply of raw materials in line with the Government’s new thrust of promoting value addition of local resources.
Agriculture, he said, was the backbone of the country and encouraged companies to take advantage of numerous opportunities that were available in the agro-processing sector.
Speaking at the same event, Blue Ribbon Foods managing director Mounir Bakhresa said their presence in the market had seen the revival of small bakeries, which now form the larger part of the market share.
“Our Msasa mill plant was refurbished and production is now at full throttle,” he said.
“We have since managed to purchase a new wheat mill plant from Turkey and the installation has already begun. Commissioning of the plant is expected to be mid this year.
“Our Southerton maize plant was also refurbished and production is in full swing.
“We have also received other maize plant components to increase the current capacities.”
Mr Bakhresa said the wheat business was facing challenges.
“We have been importing 100 percent of our wheat requirements and only started receiving the Command Winter Wheat in November last year,” he said.
“This was a welcome move because we reduced the level of foreign currency outflows.”