Despite the increasing cost of doing business in Zambia, some international firms like SAFAL Group of companies is happy with the investment climate the Southern African nation provides.
An international Investments firm has ranked Zambia as an A-Plus investment destination.
SAFAL group to which SAFINTRA Zambia local Steel is a part has identified Zambia as an investment hub in Southern Africa because of its conducive investment climate.
SAFINTRA Zambia Limited Director Ashok Kumar Sood says this has seen the group of companies intensifying plans of setting up a nail and terrace manufacturing plant in Zambia. He says his firm is also looking at increasing its 5million US Dollars investment in Zambia to five fold in the next five years.
The SAFINTRA Director also reveals that his firm has been sourcing for funds from various financial institutions.
“SAFAL has borrowed some finances from the International Finance Corporation –IFC- which is a member of the World Bank as part of its investment strategy in many nations, but as SAFINTRA we have borrowed some money from Stanbic Bank Zambia” says Mr. Sood.
Meanwhile Mr. Sood has appealed to the Zambian government to consider standardizing the sector. He says introducing standards will protect consumers from exploitation.
Mr. Sood says government should take a leaf from Kenya and Uganda which have an effective standards system. Mr. Sood further notes that he has since made a recommendation to the Zambia Bureau of Standards –ZABS- for the matter.
“I have submitted some papers on how standardization has been working for countries like Kenya which I feel would work well for Zambia……..if this happens many firms will be looking at providing quality goods and not compete on prices,” adds Mr. Sood.
He was speaking during a conducted media tour of the firm in Lusaka today.
By Brian Mwale.
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