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.
Ok..not bad
2016 vote PF ( Edgar )
I thank you
Thats that kind of investment our country needs….. A strong industrial manufacturing and processing base
This creates more jobs and gives people more disposable income to spend
not putting up shopping malls first all the time
If this is areal manufacturing Park with made in Zambia products, kudos to GRZ, I hope it is not cover for the chines to open up a hudge buildings materials shopping mall with everything made in China.
Okay good move. What are the nonsense party saying now? “….missed opportunity…”
This article is not well written and well researched about this company…are you sure this is a Chinese company and not a German company established in 1857 as a leather processing business, created by Carl Simon Söhne soon evolved the company into other sectors which has office and plastic manufacturing sites in Chinese cities Shanghai and Jiangmen.
China National Materials Group Corporation or Sinoma, established in 1983, is a central government-administered enterprise directly under the administration of the State-owned Assets Supervision and Administration Commission of the State Council of the People’s Republic of China. It is the world’s largest cement equipment and engineering service provider and China’s non-metal materials leading manufacturer. It is also the only enterprise that possesses a series of core technologies and complete innovation system in non-metal materials industry in China.[4]
The group’s subsidiaries listed as A shares in the Shanghai Stock Exchange and the Shenzhen Stock Exchange are Sinoma International Engineering Company Limited (SSE: 600970), Xinjiang Tianshan Cement Company Limited SZSE: 000877,…
@Seasoned Engineer
Thank you for that as LT have named a completely different group called Simona (and not Sinoma) which a German Group specializing in Engineering plastics…so if this company is State Owned surely the top management and middle management will be predominately be Chinese….the only jobs here will be causal jobs.
Jay Jay
thank God for Google,,,,,every one is a smart ass now……even good news is not good enough for UPND…always trying hard to to discredit Lungu and PF……
Anyway
2016 vote PF (Edgar)
i thank you
@Katondo Boys
At least I thrive to learn something new everyday unlike you who has in a narrow cadre mindset;in your simplicity brain its either you are with ruling party or against us in the opposition.
Show us any Chinese investment that has succeeded in Zambia. At least the Indians put up Chipata bicycle plant many years ago and its still operational.
@wise one
typical naysayers and prophets of doom…..just give credit where its due….am glad you not talking about the kwacha now….
2016 vote PF(Edgar)
i thank you
Good move towards diversification…! My on pf…!
For some, this might seem a good investment. For those in the know, this is bad news. How can you ask a foreign company to come and manufacture simple things local companies can manufacture, while exporting raw materials? The currency problem in Zambia has been the result of this kind of investment. Money made by these companies will end up outside Zambia. There is a major lack of vision among our leaders and even professionals offering advice to these guys. It is utterly annoying and frustrating to see such reports. It just goes to show how right Guy Scott was about the ministers being just interested in the size of their cut, not national interest.
Thanks Mulundu. I have nothing more to add.
PEOPLE, PEOPLE. HOW MANY CHINESE PLANTS/COMPANIES DO WE CURRENTLY HAVE IN ZAMBIA? DO THESE FIRMS REALLY CONTRIBUTE TO ECONOMIC GROWTH? THE REAL ANSWER IS NONE. MOST OF THESE COMPANIES SETUP PLANTS LIKE SHOPPING MALLS – THEY SALE FOREIGN PRODUCTS AND TAKE THE MONEY ELSEWHERE. WE NEED MORE ZAMBIAN INVESTMENT BY ZAMBIANS. IF THESE CHINESE CARE ABOUT ZAMBIA LET THEM CO-MANAGE THE FINANCING I.E. THEY ENTER PARTNERSHIP WITH ZAMBIANS OR ZAMBIAN GOVT. WE SHOULD NOT ONLY BENEFIT FROM THE TAXES THEY PAY BUT THE PROFIT AS WELL . THIS IS THE MISTAKE WE MADE WITH THE MINES. PROFIT MADE USING OUR RESOURCES MUST LAREGLY BENEFIT ZAMBIANS. NO NEGOTIATIONS.
Yes thanks Mulundu. I am coming to like the old man Bob down South because he would have asked the Chinese to partner with the nationals or with govt. but looking at Pf calibre of minister, all they were interested in was a cut for their pockets. Kaizer might have had a cut too since all deals were finalized at … Well well, is this project part of what PF has been claiming that they’ll create 500000 jobs by 2016? maybe they misunderstand 5000 jobs for 500000. Anyway, hope they’ll employ the UNZA six too.