Lusaka South Mult-Facility Economic Zone announces $3 million investment deal

The Lusaka South Multi-Facility Economic Zone (LSMFEZ) has announced the conclusion of an investment worth $3 million, accounting for investments from three local Small Medium Enterprises (SMEs).

According to LSMFEZ Corporate Affairs Manager, Alice Schultz, the three firms are set to produce beverages, wheat and flour milling, cooking oil production and recycling of wastepaper into egg trays.

Schultz spoke to Zambia Monitor on Monday in Lusaka after concluding the three deals.

She said the investors were Muhungano Enterprises Limited set to develop a beverages factory on a 7,900 square meter plot within the MFEZ and is projected to create 268 jobs by year three of its operations with a total project investment for this entity is $2 million.

“Chipango Millers Limited has pledged a total investment of K15 million and is set to establish a wheat flour milling and cooking oil factory which is expected to create an additional 87 jobs under the LS MFEZ investment portfolio,” Schultz said.

She said Hyperlabs Limited is constructing a recycling factory that will convert wastepaper into egg trays and the project investment cost is estimated at K5.5 million and will create 24 jobs.

Schultz said the LS MFEZ looks forward to hosting these investments.

“The friendly investment environment created by the New Dawn Government is enabling the on boarding of local investors, suffice to mention the lowering of the investment threshold for local investment from USD 500,000 to USD 50,000,” she said.

Schultz said under the new administration, investors can now enjoy zero percent on import duty for machinery and equipment as well as tax exemptions on dividends and export profits declared in the first 10 years of operations within the LS MFEZ.

She added that local and foreign investors were invited to join the LS MFEZ to diversify the Zambian Economy, drive job creation and facilitate knowledge transfer and ultimately contributing towards Zambia’s economic growth.

“The LS MFEZ contributed at least 3% to the Country’s GDP in 2021. Currently, the Zone has created over 31,000 jobs from inception to date, with a total investment of USD 1.34 billion from inception to date,” Schultz said.

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