US firm and Zambia’s Freshpikt Limited to sign a US$42 million deal for Tomato processing
PS International of the United States and Freshpikt Limited are expected to sign a letter of intent for a joint venture to invest US$42 million in tomato processing.
Freshpikt Limited is a local food processing and canning company which can compete locally and internationally.
The planned investment is part of the K480 billion worth of new investment expected to be signed during the 10th African Growth and Opportunity Act (AGOA) forum at Mulungushi International Conference Centre.
Freshpikt Limited managing director Midge Drakes said PS International in a joint venture with Freshpikt Limited intends investing US$42 million in tomato processing between now and 2016.
This is contained in a media invitation letter to the Zambia Daily Mail and copied to the Freshpikt Limited board chairperson Chance Kabaghe in Lusaka on Monday.
Zambia is hosting the 10th AGOA forum from June 9 to 10, 2011 under the theme, ‘Enhanced trade through increased competitiveness, value addition and deeper regional integration’.
Mr Drake said Minister of Commerce, Trade and Industry Felix Mutatiis expected to be guest of honour at the signing of the joint venture which will make Zambia a giant in tomato production and processing.
The signing ceremony, which is expected to take place tomorrow, will be attended by US trade ambassador Ron Kirk, US ambassador to Zambia Mark Storella along with several senior officials from the United States Agency for International Development (USAID).
“On behalf of the board of directors of Freshpikt Limited and PS International, I wish to take this opportunity to extend an invitation to you,” part of the letter read.
Mr Mutati announced that Zambian private companies are expected to sign 12 business joint-venture partnerships with counterparts from the US amounting to US$100 million.
The development is expected to create over 2,000 job opportunities for youths in Zambia.
[Zambia Daily Mail]