By NATION REPORTER
INVESTMENTS worth US$1.4 billion has been recorded at the Lusaka South Multi-Facility Economic Zone (LS-MFEZ) from 2019 to date, driven by increase in investors in the area.
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LS-MFEZ Managing Director, Kennedy Mwila, made this announcement in his presentation recently during a visit by Cabinet to the facility.
Mr Mwila said the total investment indicated an increase of 311.7 percent over three years from 2019 to date.
During the presentation, Mr Mwila highlighted that 102 investors were on record with 21.6 percent operational, 33.3 percent at construction and 45.1 percent new investors yet to commence construction.
“We have seen a sharp increase in investment value of about 311.7 percent in three years. Similar rise in employment numbers from 3, 100 in 2019 to 33, 280 in 2023 206 percent increase in number of investors in the same period,” he said.
On financials, he said “305.3 percent revenue increase since 2019. 275.4 percent increase in profitability, declared dividends for both 2021 and 2022,” Mr Mwila said.
He also took an opportunity to highlight some of the challenges being faced by the economic zone.
Mr Mwila highlighted property rates to be among the challenges faced by the zone, indicating that over K3.0 million had paid since 2022, making the cost of doing business at the zone high.
Developer incentives were also highlighted as part of the challenges by Mr Mwila.
He said over K7.0 million had been paid in taxes over two years limiting capacity to invest in infrastructure.
He, however, said this was no longer a challenge after the 2024 national budget presentation.
Another challenge was insufficient water which Mr Mwila said: “demand of 7, 000 cubic meters of water against capacity 5, 400 cubic. Affecting some investors to produce optimally.”
He also said 19 investors did not have road access.
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