A LOCAL firm Pick n Pay Zambia has projected an investment plan of US$ 27 million to open seven corporate stores in Zambia during the first five years and 13 stores within 10 years.
The company, which was incorporated on July 28, 2009 as part of the well-established Pick n Pay Group of Companies with retail operations in South Africa, Namibia, Botswana, Zimbabwe as well as in Australia would roll out its investment plan in phases.
Zambia Development Agency (ZDA) director general, Andrew Chipwende said the total projected investment which Pick n Pay Zambia was expected to create was estimated at 1,000 jobs during the first five years.
Mr Chipwende said most people to be employed would be Zambians while a insignificant number of expatriate staff would provide necessary training to Zambians for capacity building and transfer of skills for self-sustainability.
Speaking in Lusaka yesterday during the 2010 first quarter media briefing, Mr Chipwende said many sectors of the Zambian economy recorded tremendous investment inflows during the period under review with Pick n Pay Zambia planning to open a number of outlets in Zambia.
“Investors have shown increased confidence in the Zambian economy during the first quarter of this year. Their confidence can be attested by the huge foreign direct investment (FDI) inflow of $1.3 billion ZDA recorded in the quarter,” he said.
Mr Chipwende also said the construction and operational phases of the world class commercial centre at Manda Hill would stimulate a lot of local business activities on the Copperbelt and beyond both directly or indirectly through the multiplier effect by providing the necessary goods and services to support the core business activities.
During the first quarter, ZDA initiated consultations for 308,000 hectares of land in Mansa, Petauke, Nyimba, Solwezi and Sesheke for commercial production of various agricultural products.
The agency was acquiring land from traditional leaders for prospective investors and has since urged those interested to invest to apply for land.
ZDA facilitated acquisition of 13 visas and 14 immigration permits for investors during the first quarter.
On progress on the partial privatisation of Zamtel, Mr Chipwende was hopeful that all the various procedures would be concluded by June this year.
The partial privatisation entered the second phase of the bidding process during the first quarter of 2010.
Four bidders, who earlier submitted non-binding bids in December 2009, were allowed to conduct further due diligence during the quarter.
These were LAP Green of Libya, Unitel Cables of Angola, BSNL of India and Ultimo of Russia.
Three of the bidders with the exception of BSNL submitted binding bids on March 12, 2010.
Mr Chipwende said the next phase would involve negotiations and actual implementation of the partial privatisation of Zamtel.
He said 133 Micro and Small Enterprise (MSE) applications for MSE certificates were approved during the first quarter with a total investment of more than K7.6 billion.
The total investment by MSEs is expected to create 833 direct and indirect job opportunities in the provinces in which the enterprises are located.
Mr Chipwende said most of the companies that received MSE certificates were currently in operation.
On the general economic outlook, Mr Chipwende said 2010 looked positive given the favourable performance in the first quarter.
The macro-economic fundamentals had remained strong which he said was good for investment and export promotion.
[Times of Zambia]