Maravi

(LUSAKATIMES) 15,000 hectares sugar plantation to be set up in Kazungula

15,000 hectares sugar plantation to be set up in Kazungula
Saturday, April 2, 2011, 16:05

Government and a South African Company have signed a Memorandum of Understanding (MoU) to setup 15,000 hectares of sugar plantation in Kazungula district.

The MoU was signed by Zambia Development Agency (ZDA) Director of Investment, Promotions and Privatization, Muhabi Lungu and AG-Zam Project Development Business Manager, Anthony Alexander at the Royal Livingstone Hotel, in the tourist capital today.

The investment is worthy US$251 million and is expected to create over 4,000 job opportunities for the local people in the district.

And speaking after witnessing the signing ceremony of the MoU, President Rupiah Banda said his government intends to make Livingstone city, a major investment destination.

President Banda added that his administration plans to make Livingstone city attract major investments so that it becomes the most attractive venue for both local and international conferences in the country.

The President is particularly impressed that a major investor has come in the country to invest in the sugar industry in Kazungula district to supplement similar huge investments in Mazabuka town.

President Banda explained that Kazungula stands to benefit a lot from the investment as it will attract other socio-economic development.

He urged local investors to take advantage of various investment opportunities by partnering with foreign investors to increase development in the country by becoming major economic players.

Earlier, AG-Zam Project Development Business Manager, Mr. Alexander said the company will start the planting of sugar cane in the next 21 days.

Mr. Alexander said his company was not only planning to start producing sugar but ethanol as well.

He stressed that the company will not only produce sugar for local consumption but will also target the export market.

Meanwhile, ZDA Director of Investment, Promotions and Privatization Muhabi Lungu said the agency is currently finalizing the MoU.

Mr. Lungu said once the project starts, over 3,000 local farmers will benefit from the out-grower scheme that will come directly from the investment.

ZANIS

Labels: MUHABI LUNGU, NEOCOLONIALISM, SUGAR

posted by MrK @ 7:18 PM