Govt launches US$500 million building materials Industrial Park

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Government has launched the US$ 500 million Simona Group Building materials industrial park in Lusaka which will produce cement, pan bricks and other building materials for both export and domestic markets.

Ministry of Commerce, Trade and Industry Deputy Minister Miles Sampa launched the Building Materials Industrial Park  on behalf of President Edgar Lungu which is owned by a Chinese company specialized in the production of building materials in the world.

In a speech read on his behalf by Mr Sampa, President Lungu noted that the investment is in line with government’s aspirations, policies and programme of economic diversification, employment creation and addressing housing needs.

He expressed confidence that the new investment which is a shift from copper mining will stir competition in a sector which has been monopolized for a long time.

President Lungu added that competition in an open market economy is good for consumers as it provide access to quality products at affordable prices.

The Head of State disclosed that the investment is expected to create 3,000 direct jobs for local people and urged the Sinoma Group to consider promoting apprenticeship and job on training to ensure young people are empowered with jobs.

President Lungu affirmed government’s commitment to maintaining a stable macro-economic environment anchored on strong economic fundamentals in order to ensure successful diversification of the economy.

He further added that government is committed to ensuring that the country remains an attractive investment destination and will continue to welcome new investments in the economy in order to grow it further and get closer to realizing vision 2030.

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