Nyemudzai Kakore Herald Correspondent
Three investors are set to inject $115 million into Zimbabwe following the pomulgation of Statutory Instrument 64 which seeks to promote local industry by controlling the importation of various products, Industry and Commerce Deputy Minister Chiratidzo Mabuwa has revealed.Deputy Minister Mabuwa said a South African cooking oil manufacturing company, D’Lite, would set up a plant at a cost of $45 million, while two other investors are set to establish beverage, soap and detergent plants at a cost of $35 million each.
She said SI64 had created a conducive environment for investors as it increases the capacity utilisation of local companies as a result of the control measures.
“Companies are taking heed and establishing themselves. I might want to cite three companies that are coming in now. We have one establishing itself in Mutare. When we introduced control measures in the importation of cooking oil, for example, there was cooking oil which is common here in Zimbabwe called D’Lite,” she said.
“You see that it is not in the shelves now because it is manufactured from South Africa, but we are going to be seeing a $45 million plant being completed. It is in its advanced stages now in Mu- .”
Deputy Minister Mabuwa was responding to questions without notice in the Senate from physically handicapped representative Senator Nyamayabo Mashavakure on the progress made after SI64 implementation.
She said this has been made possible also by agreements that Zimbabwe is party to in the Tripartite Free Trade Area agreements, which are Sadc, Comesa and the East African Economic Community.