The Zambia Development Agency -ZDA has signed an Investment promotion and protection Agreement worth eighty million dollars with Roland Imperial Tobacco Company Limited (RITCO) and Zambia Cut Rag Processors Limited.
ZDA chairperson Mary N’cube says the projected investment by Roland Imperial Tobacco is thirty Million US dollars for a cigarette manufacturing plant and will create 1-hundred and 50 permanent jobs at the Lusaka South Multi Facility Economic Zone-MFEZ-.
Ms N’cube also says projected investment by Zambia Cut Rag Processors Limited is 50-million US dollars for a processing plant and green leaf threshing plant which will create 600 permanent jobs.
She says the two investments compliment efforts being made by the tobacco Board of Zambia and the government to create jobs and diversify income source to enhance sustainability of the economy.
The investment promotion and protection agreement (IPPA) is an assurance to investors that their investment is protected.
Ms N’cube said it is government’s agenda to see to it that investment made in the economy trickles down to the local community through purchase of local supplies.
Meanwhile Roland Imperial Tobacco Limited Chairperson Ephraim Mweenda said the establishment of the cigarette manufacturing plant by Roland imperial tobacco will contribute directly and indirectly to job creation and economic development.
Dr. Mweenda said Roland Imperial tobacco Limited has a capacity to produce 7 billion sticks of cigarettes per annum while the country’s consumption is about 3 billion sticks per year.