News / National
Chinese company to set up cement factory in Bulawayo
03 Oct 2024 at 17:36hrs | Views
The Bulawayo City Council has granted approval to Chinese company Labenmon Private Limited to establish a cement grinding facility at Umvumila Industrial Park, located near the United College of Education. The project is set to create over 500 local jobs and produce an impressive 900,000 tonnes of cement annually once fully operational.
The decision was made during a full Council meeting held yesterday, following a resolution by the city's finance and development committee, chaired by Ward 26 councillor Mpumelelo Moyo. The committee had initially approved the investment during its meeting on September 26, recognizing the potential benefits of Labenmon's established operations in various countries.
Cllr Moyo expressed enthusiasm for the development, emphasizing its alignment with President Emmerson Mnangagwa's "Zimbabwe is open for business" initiative. He highlighted that this investment is a critical step towards achieving the goal of becoming an upper-middle-income economy by 2030.
"We first approved this investment as a committee, and I am thrilled that we are bringing investment to the city. That is what we want, and we encourage potential investors to come on board; the environment is ripe for investment," Cllr Moyo stated.
The councillor also assured that priority for employment opportunities will be given to Bulawayo residents, a condition that was clearly communicated to the investor. He noted that job creation will begin from the construction phase and continue through to the production stage of the cement plant.
In addition to serving the local market, Labenmon Private Limited will also focus on exporting cement to regional markets, including Zambia, Botswana, and Mozambique, further enhancing the economic prospects for Bulawayo and contributing to Zimbabwe's regional trade efforts.
This new investment is expected to stimulate economic growth in Bulawayo and strengthen the city's industrial base, showcasing the positive impact of collaborative efforts between local authorities and foreign investors.
The decision was made during a full Council meeting held yesterday, following a resolution by the city's finance and development committee, chaired by Ward 26 councillor Mpumelelo Moyo. The committee had initially approved the investment during its meeting on September 26, recognizing the potential benefits of Labenmon's established operations in various countries.
Cllr Moyo expressed enthusiasm for the development, emphasizing its alignment with President Emmerson Mnangagwa's "Zimbabwe is open for business" initiative. He highlighted that this investment is a critical step towards achieving the goal of becoming an upper-middle-income economy by 2030.
The councillor also assured that priority for employment opportunities will be given to Bulawayo residents, a condition that was clearly communicated to the investor. He noted that job creation will begin from the construction phase and continue through to the production stage of the cement plant.
In addition to serving the local market, Labenmon Private Limited will also focus on exporting cement to regional markets, including Zambia, Botswana, and Mozambique, further enhancing the economic prospects for Bulawayo and contributing to Zimbabwe's regional trade efforts.
This new investment is expected to stimulate economic growth in Bulawayo and strengthen the city's industrial base, showcasing the positive impact of collaborative efforts between local authorities and foreign investors.
Source - the chronicle
