The Sunday News
Dumisani Nsingo, Senior Business Reporter
AN Indian-owned Ugandan firm, Modern Distillers has set sights on investing about $10 million towards the establishment of an agro-processing business unit in Zimbabwe.
Modern Distillers director Mr Ishan Patel and his delegation visited the country two weeks ago to explore existing investment opportunities.
He said the country has vast investment opportunities but hinted that their company was considering investing into agro-business.
“In Zimbabwe and Zambia we are looking at investing into cooking oil production thus we want to produce our own soya for the production of oil and other agricultural related by-products that include stock feed. In that regard we are looking at getting a substantial piece of land to grow soya beans as well as putting up a factory in Bulawayo, as we have seen an opportunity here. For a start we are looking at investing $8 million to 10 million towards this agro-processing project thereafter we will consider investing into other sectors,” said Mr Patel.
Modern Distillers operate one of the biggest distilleries in Uganda where it produces potable alcohol and an assortment of non-alcoholic beverages including soft drinks. It is also planning to produce absolute alcohol. The company also operates an aluminum extrusion plant.
Industry and Commerce Deputy Minister Raj Modi who hosted the Modern Distillers business executives acknowledged that the Indians had expressed their intention to invest in the country.
“They have some investment in Uganda and they have shown interest in doing the same here in Zimbabwe particularly in Bulawayo. They have indicated that they want to get into agriculture and secondly they want to open an agro-processing factory and thereafter they are considering putting up an aluminum plant,” he said.
Deputy Minister Modi visited India late last year in a bid to highlight a plethora of investment opportunities existing in the country to potential investors in the Asian country.
He said the Government had made significant strides towards attracting foreign investors through improving the ease of doing business as well as ensuring foreign investors a passage for them to repatriate their profits.
“Government has come up with a new monetary policy, which enables foreigners to open nostro accounts to secure their funds and take it out anytime they want. This is a very good move from the Government as it will attract investment,” said Dep Minister Modi.
