President Emmerson Mnangagwa has commissioned a Cremora Filling Plant for Nestlè Zimbabwe worth $500 000.
Cereal, dairy and non-dairy producing firm, Nestlé Zimbabwe projects to reduce the country’s import bill by at least US2 million following the establishment of a second filling plant on their Cremora product commissioned this Monday.
Another show of confidence by global industry leaders, the latest investment package by Nestle Zimbabwe adds to the major strides to attract foreign direct investment achieved within the last five months since the enunciation of the open business policy.
The half a million dollar project commissioned by President Mnangagwa today, builds from critical engagements held with the Swiss-based company during the World Economic Forum meeting in Davos early this year.
Investment appetite by foreign companies has recorded significant growth, with figures from the Zimbabwe Investment Authority highlighting rapid expansion on investment enquiries since the beginning of this year.
And now with a more relaxed investment climate there is even greater scope to increase foreign direct investment inflows.
Production output for the non-dairy is expected to double, and so is the capacity utilisation as the firm eyes to hit 100 percent utilisation.
Nestlè Zimbabwe Managing Director Ben Ndiaye says the plant will save Zimbabwe US$2 million annually in import substitution.
Nestlè Zimbabwe is now exporting to South Africa, Malawi and Zambia.
The government expects that such investment initiatives will be critical in feeding into the outlined vision of a middle income economy within the next 12 years to 2030 that will be characterised by enhanced investment, reduced poverty levels and decent jobs.