The Zambian government has launched the US$500 million Simona Group Building materials industrial park in Lusaka to produce cement and pan building materials for both the export and domestic markets.
The Building Materials Industrial Park was launched on behalf of President Edgar Lungu and is owned by the Sinoma Group.
The investment is expected to create 3000 direct jobs for local people.
President Lungu affirmed that the 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 realising vision 2030.
The African Development Bank initiative aims to identify key areas of intervention in order to provide better assistance in the management of renewable and non-renewable natural resources.
Local cement sales increased in South Africa in 3Q14, according to reports, while Kenya’s cement industry is seeing the benefit of demand from public and private construction projects.
A recent report by Frost & Sullivan indicates that a lack of infrastructure within Sub-Saharan Africa economies has continued to hamper economic growth and hinder the continent’s drive to be globally competitive and eradicate poverty. However, change is on the way.