19 September 2017

Zambia: Govt Pledges Investor-Friendly Policy Framework

Government has assured investors in the country that it will formulate policy that will not hinder the growth of the local manufacturing sector.

Finance Minister Felix Mutati said Government would ensure that the policy framework in place is investor-friendly and supports growth.

Mr Mutati said Government would work on minimising the bureaucracy and regulations to improve infrastructure in order to reduce the cost of doing business.

"With the development focus announced by the President, we want to focus much on the growth of the industry on the practical basis, we will develop policy that is not in isolation but policy that is connecting with investment and value addition," he said.

The Finance Minister was speaking when he toured the US$16 million NeelKanth Cable manufacturing company in Masaiti District on Sunday.

Neelkanth Cables, a subsidiary of the Neelkath Group of Companies manufactures assorted electric Copper cables.

Mr Mutati commended the company for adding value to Copper which was mostly exported in its raw form.

He urged the Neelkanth Group of Companies to put additional investment in different sectors of the economy in order to create more jobs for the locals.

And Neelkanth Group of Companies Managing Director Vishnu Wadhamwam said the firm had invested more than $200 million in the Zambian economy.

Mr Wadhamwam said the cable campany was currently on 30 per cent production and would be fully commissioned before the end of this year.

He said Neelkanth Cables and Neelkanth Lime which were both located in Masaiti had employed about 2000 locals.

Neelkanth Cables Chief Executive Officer Girish Ayar said the company was currently exporting its products to the Democratic Republic of Congo (DRC), Namibia and Zimbabwe.

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