OVER US$2 billion is to be invested in a shopping mall and hotel next to the Kitwe- Chingola Road, making it the biggest investment recorded in the province.
And Government has signed a US$215 million investment promotion and protection agreements (IPPA) to facilitate the expansion and refurbishment of Manda Hill shopping mall in Lusaka and construction of a modern mall on the Kitwe-Chingola Road.
The IPPA provides various structures of incentives that Government will grant the investors.
Speaking at the signing ceremony in Lusaka, Commerce, Trade and Industry Minister Felix Mutati said Government will support and facilitate all investments in Zambia.
Mr Mutati said the structure of incentives to be provided under the signed IPPA include zero-rating value added tax during construction, facilitation of work permits and removal of withholding tax on remittance.
Other incentives include duty-free imports of building materials into Zambia, and developers will be allowed to recover 100 per cent of the establishment cost.
Mr Mutati said Government will continue to maintain a friendly macro environment, reduce inflation and the cost of doing business in Zambia.
“The construction of a new mall on the Copperbelt, and expansion works at Manda Hill mall will create jobs for the locals,” he said.
He said Government is happy with the infrastructure support along the Chingola-Kitwe Road, opposite the Chambishi Multi-Facility Economic Zone.
He said investments in the Chambishi zone is projected at about US$1 billion, while the new mall will gobble US$160 million. The works at Manda Hill will cost US$80 million.
He said Government will soon tender the Kitwe-Chingola Road for the construction of a dual carriage way.
“In excess of US$ 2 billion will be invested in the area, which will be the highest investment in Zambia. Construction works at Levy junction in Lusaka has started and we hope to create more jobs for our people from these developments,” he said.
And speaking at the same function, HBW group (developers of Manda Hill) executive director Gareth Poole said the project involves construction of additional shopping and other commercial facilitates at the complex.
Mr Gareth said once Manda Hill is expanded and refurbished, it will be the best mall in Zambia with international standards.
He said trading at the newly-constructed Mr Price store will start next month while the new parking slot will be completed in December.
He said all construction works at the mall will be completed next month.
Phoenix Materials managing director Phesto Musonda said the project on the Copperbelt is set to develop an integrated upmarket shopping centre, commercial office park, a 210-room hotel, casino and conference centre.
Mr Musonda said TGP Properties Limited is a joint venture between a Zambian company called Phoenix Materials and HBW Group of South Africa.
He said the two investors plan to develop the Copperbelt City by building infrastructure next to the Kitwe-Chingola Road, a project expected to create 1,000 jobs.
And Zambia Development Agency board chairman Luke Mbewe said the agency does not have any problem concerning the approval of the two investments, which will create additional jobs on the Copperbelt and in Lusaka, once completed.
[Zambia Daily Mail]