Business

Timber plant opens in Lusaka

THE Zambia Development Agency

TRYNESS MBALE, Lusaka
A SOUTH AFRICAN timber processing firm has invested about K7 million to open an office in Lusaka to offer products and services to the booming infrastructure sector in the country.
The company is called Timber city which have opened a branch in Lusaka with staffing levels of over 20 adds to other outlets in Namibia, Botswana and Angola.
Officiating at the opening of an office in Lusaka on Friday, the Zambia Development Agency (ZDA) said the country has seen steady in the growth non-traditional exports (NTEs) in past five years.
ZDA director Patrick Chisanga said the growth of the NTE products is due to the promotion of the sector by the agency to promote diversification in the country rather just depending on copper.
“Over past five years, the agency has achieved significant growth in the export of non-traditional products to 33.3 percent from 17 percent,” Mr Chisanga said.
He also the country’s foreign direct investment (FDI) is expected to grow to US$4 billion this year from US$2 billion last year citing the tourism, infrastructure development, manufacturing and agriculture sectors as some of the major contributors to the investment flow.
Earlier, Timbercity Lusaka director for Zambia and Botswana Vijay Naik said firm was prompted to invest in the country because of the massive infrastructure development.
Mr Naik said the firm also give priority to skills transfer and knowledge.
“We have invested over K7 million in the opening the Zambia branch, we have several branches across southern Africa .The massive infrastructure development in Zambia attracted us to invest in the country because it indicates that we have ready market for products,”he said.
On the expansion, He said Timbercity Lusaka plans to open other branch on the Copperbelt.




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