Saturday, July 20, 2024

Multinational Saudi companies express interest to invest in Zambia

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A renowned multi-million dollar company from the Kingdom of Saudi Arabia, has expressed interest in importing chickens from Zambia.

The importation of chickens from Zambia will enhance many small and medium entrepreneurs’ participation in growing economic activities in the country.

Minister of Small and Medium Enterprise Development, Elias Mubanga, says Durat Al-Etqan, Pioneers Chemical Factory and several other agro-chemicals companies, are interested in doing business in the poultry and agro-chemicals areas.

Mr. Mubanga says many other companies also expressed interest to set up agro-chemical production and distribution facilities in Zambia due to a guaranteed market.

He says government will also conduct a feasibility study throughout the ten provinces to find ways of engaging young people and women entrepreneurs.

He was speaking at Kenneth Kaunda International Airport in Lusaka yesterday when he arrived from Saudi Arabia where he attended the Global Entrepreneurship Congress (GEN) conference.

While in Saudi Arabia, Mr. Mubanga also held a bilateral meeting with the GEN Global President and Chairman, Jonathan Ortman and had sideline meetings with potential investors and SME venture partners.

“During the business engagements, we met some key business houses in the Kingdom who expressed eagerness to travel to Zambia to establish joint business ventures with local SMEs,” he stated.

Mr. Mubanga disclosed that government has also invited various potential partners to visit Zambia to actualise the envisaged economic cooperation.

The minister further stated that a team of experts in the agriculture sector and a pesticide company from Saudi Arabia will travel to Zambia to sign a memorandum of understanding (MoU) with government.

He said government will facilitate policy requirements and engage banks that will encourage joint ventures to grow the agriculture sector.

And Acting Managing Director for Global Entrepreneurship Network-Zambia, Edwin Zulu, said the objective of the conference was to find opportunities and linkages between the investors and connect SMEs.

Mr Zulu added that Zambia was among 190 countries that participated at the global event.

“This is the first time that a Zambian delegation has participated in the global entrepreneurship congress at government level,” he noted.

17 COMMENTS

  1. Saudi Arabia? No thanks. Haven’t forgotten about the murder of Kashoggi by the Saudi crown prince.

  2. Well, it is a 5 year mandate that we gave them. We shall see if these pronouncements will come to fruition

  3. Zambia just goes around in circles like a dog trying to smell its own fart. Haven’t we heard these thing before? What change have made by electing UPND if they are doing the same things even worse than PF.

  4. When we hear it from Bloomberg News then we know that it’s serious. GRZ and UPND just want to justify the trip so they can get paid.

    “Bloomberg News, news service based in New York City, New York, known for providing business and economic news to investors and for increasing competition between business newswires. Bloomberg News is operated by Bloomberg LP, a private financial-data services and media company.”

    GRZ What’s going on?
    I did not ask UPND, because UPND knows what it’s doing. GRZ is manipulated by the Political party that comes in. Can GRZ articulate where it stands?

  5. While you were there why didn’t you negotiate for cheap fuel and fertilizer. That would have been worthwhile.

  6. Havent heard of a multinational company that buys and sells Chickens,worst case, Goats!

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  7. I dont think the minister mentioned this word”multi-national” must have been the PF cadre at Lusaka Times who edited it in his own way,oh i get it, he is a PF cadre,the same people that lied about the Goat deal with Saudi Arabia 5 years ago. But honest speaking there is nothing Multinational about selling or buying chickens. Really.

  8. @Wezi: Is there capacity,is there capacity,busy farting on your laptop seat, get he fack up and go start producing that capacity you are yapping abt. Who do you expect to build you capacity? if you people there in Zambia can do,is sit on your laptops and either ask stupid questions or critize. Get up iddioot and start raring chickens, start planting poles so that Zesco by Dec can start buying from you instd of Foreigners.Leave social media to people in the Diaspora.

  9. @No Corruption Yes we need to educate our politicians about such evil things. This government killed a journalist in cold blood in their embassy in Turkey, chopped up his body in pieces and then smuggled them out of Turkey. Just because Kashoggi wanted freedom of speech. Zambia has never condemned this action meaning they share this disrespect for life. Now they will be selling chickens to murderers. Yet they dont even have enough chickens for themselves

  10. Why would Saudis invest in Pesticides in Zambia when they can do it in Pakistan with their islamic brothers at lower production costs…these so called investors kust want to open dealerships not plants so they can import their products into the country.

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