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US$1,5m biscuit plant opens in Bulawayo

by Staff reporter
30 Nov 2022 at 05:03hrs | Views
AGRO-PROCESSING factory, Flynote Investments Private Limited, has channelled more than US$1,5 million towards the establishment of new biscuit and stockfeed manufacturing units.

Flynote Investments is well known for its Evergold brand mainly on flour, rice and mealie-meal.

The new investment adds impetus to the ongoing drive to restore Bulawayo's manufacturing hub status and buttresses the country's focus on scaling up domestic value-addition and beneficiation of agro products.

Revitalising local industry investments is critical under the Government's National Development Strategy (NDS1), where private sector led growth is expected to contribute more to job creation leading to the attainment of an upper middle-income economy vision by 2030.

Flynote is a foreign investment owned by a Pakistani businessman incorporated in Zimbabwe in 2009 and started operations in 2016.

In an interview, managing director, Mr Hafiz Naeem, said the new investment was part of the company's expansion drive, which is anchored on value addition.

Given that the company is already into four productions, he said it was prudent to establish a biscuit line as well as stock feed.

Mr Naeem said as a business they have realised that there are plenty opportunities to be realised from the agri-business value chain, which offers more room for diversification.

"We've installed a biscuit plant worth US$1,5 million and a stock feed plant worth US$100 000 here in Bulawayo and our main target is value addition of our products," he said.

"From wheat to flour and from flour to biscuits. We then take the residues from flour production and value add them to produce pan fattening meal and broiler pallets."

Mr Naeem said the biscuit plant, which is located in the Thorngrove industrial area has employed more than 18 people, thereby increasing the number of employees for Flynote Investments to above 150.

He said Zimbabwe has great investment opportunities for any potential investor but stressed the need for strategic planning for business people to realise more profits and grow their businesses.

"I'm always thinking about how I can grow my business. Then I came up with a plan to buy rice from Pakistan and India during the harvesting time when the markets will be flooded and prices will be low and I sell my products here in Zimbabwe when there is a shortage," he said.

Bulawayo has been experiencing a positive growth momentum in recapitalisation and retooling of industries since the coming in of the Second Republic.

Source - The Chronicle