Investment
Investment

The Zambian government investment agency on Friday hailed a partnership with a Chinese firm that will become the country’s first manufacturer of sanitary ware.

The Industrial Development Corporation (IDC) said it was delighted to be in partnership with Marcopolo Tiles Company Limited, a subsidiary of Wonderful Group of Companies in the project to start manufacturing sanitary ware.

The company is going to be producing bathtubs, toilets, and handwash basins, in addition to the tiles that it has been producing since its establishment in 2016, IDC Chief Executive Officer Mateyo Kaluba said in a release.

He said the 15 million U.S. dollars project will go a long way in adding value to local raw materials, a move that will enable the country to save foreign exchange.

“We will now be an exporter of sanitary ware rather than an importer. More importantly, it will result in new wealth and new jobs for Zambians,” he added.

The agency, he said, has focused on investing in greenfield and brownfield projects in the manufacturing sector as part of its growth strategy.

The IDC, together with the state pension firm, the National Pension Scheme Authority (NAPSA), and the Workers Compensation Fund Control Board acquired a 49 percent stake in the Chinese-owned firm at a cost of 44.8 million dollars.

The company is a state-of-the-art automated tile manufacturing plant with an installed capacity of 10.8 million square meters of tiles per annum. Enditem

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