The Zambia Development Agency (ZDA) has commended Bibagry Limited for already actualising US$27 million investment in just 2 years, out of the US$30 million which the company committed in October 2021 to invest in 5 years. Bibagry is a ZDA-supported company manufacturing non-alcoholic beverages and water in Kamfinsa area of Kitwe.
ZDA Director General Albert Halwampa commended the President of the Republic of Zambia Mr. Hakainde Hichilema for the consistent, stable and predictable policies of the UPND government which are bringing about stability in the business environment.
He further thanked the President for playing the role of Chief Trade and Investment Officer, which has led to the country experiencing increased investment inflows and actualisation rates.
Mr. Halwampa said the country has recorded an unprecedented rate of investors accessing Investment Licences at the ZDA.
“In the last three years, the Agency issued Investment Licences to the tune of US$ 50 billion which are at different stages of actualisation” he said.
He explained that when the Agency announces US$50 billion worth of Investment Licences issued, it is based on real statistics, adding that Bibagry Zambia was one of those statistics.
“Once again, we want to applaud Bibagry Limited for actualising nearly the entire committed investment in just over 2 years, standing at US$27 million. The company committed to create 114 jobs for Zambians and have already employed 125 Zambian staff. As ZDA, we shall continue to work with Bibagry and the entire private sector to make sure that we create jobs and grow the Gross Domestic Product (GDP)”, explained Mr. Halwampa.
He added that in terms of market access, over and above the 20 million consumers in Zambia, there is also the Southern Africa Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA) with an approximate number of 800 million consumers.
“Companies that set up in Zambia can access these regional markets, making Zambia one of the best investment destination in the region. We are glad that Bibagry Limited is not only producing for the local market but is already exporting to the Democratic Republic of Congo (DRC) and Botswana with plans to break into new export markets,” he stated.
Mr. Halwampa further commended the company for the corporate social responsibility it is doing through the provision of treated water for the community around including the correctional facility in Kamfinsa.
“It is very important that investors plough back into the community in a manner that the community can appreciate and continue to support the investment,” he stated.
And Bibagry Limited Managing Director Mehran Ahmed appreciated the Agency for visiting his company to witness the actualised investments which started as a commitment.
Mr. Ahmed thanked government and the ZDA for the support from the construction stage all the way until completion when the factory is almost operating to its full capacity.
He announced that the company has started expansion programmes to double and eventually triple the investment, which expansions are happening because of Zambia’s strategic location and access to export market over and above the Zambian market.
He revealed that in the spirit of expanding the production lines, the company has already set up a milling plant with a capacity of 300 tonnes per day which will soon be commissioned.
Mr. Ahmed said his company has benchmarked itself to compete favourably on the international market with other world brands.
He further hailed ZDA for extending investment incentives to brown field investments adding that it was difficult and costly for his company to expand without incentives. He said the change in the law brings positive effect in accelerating expansion to companies looking forward to expand their production.
He urged other manufacturers to pay attention to quality so that Zambian companies can compete favourably on the international market and promote the proudly Zambian products with pride.
A ZDA team led by the Director General Mr. Halwampa toured Bibagry Zambia Limited in Kitwe Kamfinsa area to appreciate the company’s level of investment actualisation, opportunities and bottlenecks the investor may be facing.
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