MARKET DEVELOPMENT
Zambeef Invests $19m in Palm Oil Project
Zambeef Invests $19m in Palm Oil Project
25/03/2014 (Zambeef Daily Mail) - Government is impressed with Zambeef Products’ US$19 million investment in a palm oil project in Mpika, which has significantly helped to boost national economic growth.
Meanwhile, Government says there is need to re-design taxes in the mining sector to ensure that the industry, which is Zambia’s major export earner, contributes adequately to the economy.
Minister of Finance Alexander Chikwanda said massive corporate investments in agriculture sector have elated Government citing Zambeef Products as one of the investor that has made huge contributions to economy.
“Going forward, [Government] is not stuck, we are moving. There is massive corporate investments in agriculture sector, for instance, in Mpika Zambeef has invested upto now US$19 million and already planted 3,000 hectares of palm trees,” he said.
Mr Chikwanda told a media briefing in Lusaka last week.He said small scale production of palm oil is expected to be on stream by next year.
He also commended investments by Golden Egg which is currently producing upto 100 million eggs on the Copperbelt.
Mr Chikwanda, however, expressed concern at the high interest rates charged by some financial institutions to small-and medium-scale enterprises (SMEs).
“For SMEs, the problem is high and exorbitant interest rates, Government sponsored financial institutions are lending at reduced interest rates but, we need to streamline things [requirements] and hope that the requirement from Government sponsored institutions, which are too vigorous such as they ask you to pay one percent of assessment fees, one percent of this and that… are worked on,” he said.
Mr Chikwanda said Government intends to encourage Zambians to participate in national economy by ensuring that requirements in obtaining finances are relaxed.
Commenting on the taxes, Mr Chikwanda said there is need to relook at taxes to ensure that the principle mining sector makes adequate contribution to the economy.
He was responding to a journalist who wanted to know whether Government will revisit the windfall tax, apart from the US$178 million injected in the economy as an intervention to prop up the Kwacha.
Meanwhile, Government says there is need to re-design taxes in the mining sector to ensure that the industry, which is Zambia’s major export earner, contributes adequately to the economy.
Minister of Finance Alexander Chikwanda said massive corporate investments in agriculture sector have elated Government citing Zambeef Products as one of the investor that has made huge contributions to economy.
“Going forward, [Government] is not stuck, we are moving. There is massive corporate investments in agriculture sector, for instance, in Mpika Zambeef has invested upto now US$19 million and already planted 3,000 hectares of palm trees,” he said.
Mr Chikwanda told a media briefing in Lusaka last week.He said small scale production of palm oil is expected to be on stream by next year.
He also commended investments by Golden Egg which is currently producing upto 100 million eggs on the Copperbelt.
Mr Chikwanda, however, expressed concern at the high interest rates charged by some financial institutions to small-and medium-scale enterprises (SMEs).
“For SMEs, the problem is high and exorbitant interest rates, Government sponsored financial institutions are lending at reduced interest rates but, we need to streamline things [requirements] and hope that the requirement from Government sponsored institutions, which are too vigorous such as they ask you to pay one percent of assessment fees, one percent of this and that… are worked on,” he said.
Mr Chikwanda said Government intends to encourage Zambians to participate in national economy by ensuring that requirements in obtaining finances are relaxed.
Commenting on the taxes, Mr Chikwanda said there is need to relook at taxes to ensure that the principle mining sector makes adequate contribution to the economy.
He was responding to a journalist who wanted to know whether Government will revisit the windfall tax, apart from the US$178 million injected in the economy as an intervention to prop up the Kwacha.