28 October 2009
THE Government has signed an Investment Promotion and Protection Agreement (IPPA) to facilitate the $210 million expansion of Manda Hill Shopping Centre and construction of a regional and international complex on the Copperbelt.
The projects are being undertaken by TGP Properties Limited, a joint venture between a Zambian company called Phoenix Materials Limited and the HBW group of South Africa.
Commerce, Trade and Industry Felix Mutati said the IPPA would facilitate for Manda Hill Centre and TGP Properties Limited would import raw materials duty-free and without paying value added tax.
Mr Mutati said during the signing ceremony that the IPPA would also allow the developers 100 per cent recovery of their costs, among others
"The IPPA will also facilitate work permits for those intending to work in Zambia under the projects," he said.
Mr Mutati said the Government would continue to work on reducing the cost of doing business and bringing down inflation in order to create a conducive environment for investors to operate in.
Mr Mutati said the construction of the integrated up-market shopping centre, commercial office park, hotel, casino and conference centre would further support the existing infrastructure on the Copperbelt.
He said the existing infrastructure such as the Chambishi Multi Facility Economic Zone (MFEZ) had attracted an investment of almost US$1 billion and the construction of the dual carriageway would amount to an investment of US$2 billion for the Copperbelt Province.
Mr Mutati said the construction of a world-class complex on the Copperbelt and the expansion of Manda Hill Shopping Centre would create direct employment for thousands of Zambians.
HBW, which has successfully completed the development of a number of world-class properties in southern Africa is currently heavily involved in investment projects in Mozambique, Zambia (Manda Hill Center Limited), Mauritius and Greece.
Zambia Development Agency (ZDA) Chairman Luke Mbewe said the investment level of US$55 million in the expansion of Manda Hill Shopping Centre would generate about one thousand jobs.
Mr Mbewe explained that about US$8 million would be used in form of raw materials.
He said the Copperbelt project would attract an investment of US$160 million and was expected to create one thousand jobs.
TGP Properties Limited managing director Phesto Musonda said the Copperbelt Province had been starved of investment hence the need for world-class complex.
Mr Musonda said the company would develop an integrated up-market shopping centre, 201-roomed hotel, casino, commercial office park and conference centre on a 29.6-hectare area.
Manda Hill Centre managing director Gareth Poole said the expansion and refurbishment of the Manda Hill Shopping Centre had been driven largely by the increasing demand from the tenants.
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