By ALICE NACHILEMBE
The Industrial Development Corporation (IDC) has commended Marcopolo Tiles Company Limited (MTCL) on the completion of Phase IV of the Company’s’ expansion project, at a cost of $15million.
This will make it the first Zambian manufacturer of sanitary ware.
IDC group Chief Executive Officer Mateyo Kaluba said it a plus for the manufacturing company which is for the first in the country going to produce bathtubs, toilets and handwash basins, in addition to the tiles that it has been producing.
Mr Kaluba said the new products will be manufactured using materials sourced within the country.
He said the new production line will result in forex earnings as well as forex savings for the country.
Mr Kaluba said the IDC has focused on investing in Greenfield and brownfield projects in the manufacturing sector as part of its growth strategy.
He further stressed that the coming into effect of the Africa Continental Free area means that Zambia must itself be a manufacturing hub so that the country can take advantage of the continental free area.
Mr Kaluba reiterated that the IDC will continue to seek investment opportunities both greenfield and brownfield, listed and unlisted in areas that add value to Zambia’s natural resources.
“The fact that the Phase IV project has materialized gives us great comfort that our joint investment with NAPSA and WCFCB is going to have the desired impact on forex earnings through exports and on job creation through the value chain. Marcopolo is a highly profitable company with net profits margins averaging 40% over the last three years and this new production line guarantees the IDC and our partners NAPSA and WCFCB greater dividends over the coming years. I urge Zambians to buy locally manufactured products, as these products meet the highest international standards”, said Mr Kaluba.
This is contained in a statement issued by IDC Head of Corporate Communication Namakau Mukelabai
