Illovo Sugar Group, the majority shareholder in Zambia Sugar Plc, has announced plans to increase their investment in Zambia sugar products and work to expand their current operations in the country.
According to the Central Regional Director, Ian Parrott, details of the project are still pending approvals from both the company and the government as well as various other regulatory approvals, but these are expected to be finalized before the end of the year.
In a recent interview with the Times of Zambia, Rebecca Katowa, acting Managing Director of Zambia Sugar, indicated that Illovo Sugar was committed to pursuing new and sustainable investment opportunities across the continent.
“We are proud to be part of the group which, with its firm, complements our strategic goal of being a diversified world class and market leading business in central Africa that contributes to the economic growth and prosperity not only its shareholders, but of its own employees and communities and the wider Zambia nation,” she said.
Permanent Secretary of the Zambia Ministry of Commerce, Trade and Industry, Siazongo Siakalenge, recently visited the Zambia Sugar operations where he reaffirmed the government’s commitment to supporting private investment and welcomed the news of expanded sugar operations.
“This is the flagship of successful privatization looking at the investments the major shareholders have continued putting in the expansion of the operations here which has seen increase in production,” he said.
Illovo Sugar is currently the largest sugar producer in Africa and controls more than 90% of the domestic and export market of sugar in Zambia through Zambia Sugar Plc.