Maravi

Investments into Chambishi MFEZ rise to $1 bn

Investments into Chambishi MFEZ rise to $1 bn
By Chiwoyu Sinyangwe
Thu 22 Oct. 2009, 04:00 CAT

PROJECTED investments into the Chambishi Multi Facility Economic Zone (MFEZ) has risen to US $1 billion from the initial US $900 million after the number of Chinese interested in the tax free zone swelled to 60.

Zambia Development Agency (ZDA) communications manager Margaret Chimanse said the developers were currently opening up the area and some of the licenced enterprises had not yet moved to the MFEZ, awaiting erection of their business premises.

Chimanse said so far, over US $100 million had been spent on infrastructure development such as electricity substations and roads, excluding the US $300 million invested in 150,000 copper blister per annum - Chambishi Copper Smelter.
“The number of firms expected to be attracted to the zone is now 60 from 50 going by the way the Master Plan is being implemented,” Chimanse said.

“So far 8 firms have been licensed to operate in the zone with the anchor company Chambishi Copper Smelter now in full operation. It is likely that with the expected increase the investment in the Chambishi MFEZ will be more than US $1 billion.”

Chimanse said the eight companies licenced so far were worth US $413 million, which included Sino Metals Leache Zambia Limited, Sino Acid Zambia and Fifteen MCC Africa Limited, all which were fully operational.

Other firms licensed but awaiting to begin operations in Zambia include Nonferrous Metals Exploration & Construction Limited, Golden Honesty Africa Development Limited, Bolo Mining Investment Limited and Twapula Limited.

The government is waiving a 25 per cent customs duty on imported equipment, 16.5 per cent value added tax and several other taxes for Chinese companies investing in the Chambishi economic zone.

Preliminary data provided by China indicated that the Chambishi zone would generate in excess of US $900 million per year in turnover by firms that would include Western investors in the industrial park initially targeted to exclusively house Chinese companies.

Labels: CHAMBISHI MINE, CHINESE, FDI, MFEZ, ZDA

posted by MrK @ 6:13 PM