INVESTORS should take advantage of the Multi-facility Economic Zones (MFEZ), rural areas and industrial parks which enjoy incentives such as zero percent tax on profits for 5 years from the first year of operation, says Zambia Development Agency (ZDA) director general Patrick Chisanga.
Mr Chisanga said abundant incentives exist in the manufacturing sector for investments in the MFEZ, rural areas and industrial park. According to ZDA communication and public relations manager Margaret Chimense, the director was speaking when he led a team of ZDA officials to a tour of the Trade Kings group manufacturing plant last Friday.
Mr Chisanga explained that other incentives which existed in those areas included zero percent import duty rate on capital goods, machinery including specialised motor vehicles for five years for investments of not less than US$ 500,000 in a MFEZ.
“In addition to fiscal incentives, the above category of investors are entitled to non-fiscal incentives which include guarantees and protection against State nationalisation, free facilitation for application of immigration permits, secondary licences, land acquisition and utilities.
“The incentives that exist in the manufacturing sector include Zero percent tax rate on dividends for 5 years from year of first declaration of dividends,” he said.
Mr Chisanga also said it was part of the agency’s mandate to make sure that the Zambian private sector was given the support it deserves.
Mr Chisanga said Trade Kings Group was a home grown investment that the country was proud of and deserved not only congratulations but the full support that it deserved. He said everyone in Government had tremendous support for the Trade Kings Group.
“We have all the resolve to grow you from strength to strength,” he said.
Meanwhile, Trade Kings director Mr Zunaid Patel explained some of the challenges that the group faced related to imports and exports from neighbouring countries and their detrimental effects and impact on the local manufacturers.
Mr Patel was overwhelmed with the ZDA’s commitment that went an extra kilometre to ensure, that the interests of the private sector and Trade Kings Group in particular were supported by the Zambian government.
He emphasised that Trade Kings Group was in Zambia to stay and contribute to the nation’s exchequer by conserving foreign exchange through local production and in a similar vein earn foreign exchange by way of exports.
Mr Patel said his company had been a steady partner in providing employment and livelihood to the Zambian people.