Agro-processing firm plans $200 million investment

AGRICASSA Private Limited, a Zimbabwean-based company specialising in agro-processing and beneficiation, is set to invest US$200 million in new projects across the country.

Deputy Minister of Industry and Commerce, Raj Modi revealed this in Gwanda during a recent Matabeleland South Provincial Devolution Conference that was held at the Joshua Mqabuko Polytechnic College.

He said the proposed investment was in line with industrial development strategies and measures adopted by Government under the Transitional Stabilisation Programme (TSP).

“To improve access to resources through the Community Share Ownership Trusts (CSOTs), the Government has adopted linkage programmes as a strategy of sourcing funding through private public partnership. My Ministry has identified Agricassa, a Zimbabwean company, which specialises in agro processing and beneficiation of agricultural products.

“The company is into cassava growing and intends to partner CSOTs in this project. Agricassa Private Limited intends to embark on a massive US$200 million investment project in agriculture and agro-processing across the country. 

“The project seeks to create agri-parks nationally with both direct and indirect employment creation in open field crop farming of cassava and adjuvant crops,” said the Deputy Minister.

He noted that Agricassa would venture into agro-industrial processing as well as marketing and distribution of both industrial grade and food grade cassava derivatives using state of the art agro-industrial processing and beneficiation systems. 

Deputy Minister Modi said the company would also fund CSOTs and set up plants in different provinces across the country. He said the company had already secured export markets for its products and that CSOTs would be linked with Agricassa in order to benefit from the projects.

“My ministry has embarked on starch production linkage project to grow and process cassava and potatoes under the 100 days programme. A total of 61 CSOTs will be linked to Agricassa and this will lead to increased employment levels, reduction of the import bills for starches, access to export markets that are already established and access to support schemes.

“The development of provincial economies to grown regional Gross Domestic Products will be driven by economic empowerment initiatives such as CSOTs. For CSOTs to grow there is a need for a revolving fund to support business activities of beneficiaries and promote investment in new activities, ICT infrastructure, knowledge sharing and training workshops or seminars and intellectual capital,” he said.

The Deputy Minister said Government had also partnered with Collaborative Action Trust (CAT), a Zimbabwean private trust as part of efforts to empower CSOTs. He said CAT will be working on a 2 000 mega watt solar energy programme in the country for the next five years. The location had been identified for 135MW solar plant near Mashava. 

Deputy Minister Modi said Gwanda, Bulilima and Mangwe Community Share Ownership Trusts were also expected to benefit with a 100 MW solar plant each. He said the programme will also spread to other CSOTs.- @DubeMatutu