Latest News Editor's Choice

Business / Local

Chiwenga opens $3,5m plant

by Staff Reporter
01 May 2018 at 07:25hrs | Views
VICE President Constantino Chiwenga yesterday commissioned a $3,5 million Splash Paints and Plastics plant in Harare and challenged all sectors of the economy to be active contributors to foreign currency generation.

He said businesses should play their part in economic revival.

VP Chiwenga said the investment by Splash Paints and Plastics was in line with the country's economic revival strategy that prioritised modernisation and expansion of all sectors of the economy.

"The company has embraced latest production technology by installing these new machines which are more efficient and have bigger production capacity which will undoubtedly increase your ability to adequately supply both the domestic and export markets," he said.

"In this regard, I exhort the Splash Paints and Plastics to continue pursuing an export led growth strategy, as this will not only result in increased foreign currency availability for the purchase of raw materials for your business, but will equally contribute to the country's overall foreign currency earnings."

VP Chiwenga said Government was on a vigorous drive to attract both domestic and international investment in line with the national vision for Zimbabwe to become a middle income country by 2030, characterised by increased investment, decent jobs, broad based empowered, free from poverty and corruption.

He said business strategies should no longer be developed in silo or isolation, but should now be alive to the broader national aspirations, as well as the associated sector synergies and linkages.

VP Chiwenga urged industry to think in the context of the bigger national vision and dovetail their business models accordingly.

"It is through such focused, cooperative and team efforts that our nation will achieve sustainable economic growth," he said. "I, however, exhort business to be alive to converging global trading environment and development business strategies that recognises country's trade obligations and commitments."

Splash Paints and Plastics managing director, Mr Anis Patel, said the paint and plastic industry was a crucial sector for economic development of any country.

"As a growing company, Splash has enjoyed a fast growth of about 8 to 10 percent annually in recent years," he said. "Against this backdrop, the demand for paint and plastic products by the Zimbabwean and regional markets is on a steady rise. Therefore, this project of ours is very timely.

"The whole project will be implemented in a phased manner. We are happy to see that the first phase of $3,5 million plant has been successfully completed and commissioned today.

"In the next phases we will witness the winding up of a tile and adhesive factory in Graniteside, with a production capacity of 85 000 tonnes annually and the completion of DPC plant in Marondera."

Mr Patel said he was confident that once all the phases were complete, the company would generate economic benefit to the local economy and enhance Zimbabwean capability in the paint, plastic and tile adhesive manufacturing.

"I want to express my gratitude to the new dispensation for creating a favourable, conducive environment and policies," said Mr Patel.

Source - Chronicle