ZDA Signs an IPPA with Chenhuang BioTECH US$ 135 million Investments

Spread the love

ZDA Signs an IPPA with Chenguang Biotech (Z) Limited for US$ 135 million Investment The Zambia Development Agency (ZDA) signed an Investment Promotion and Protection Agreement (IPPA) with Chenguang Biotech (Z) Agri-Dev Limited for the cultivation and processing of Paprika and Marigold worth US$ 135 million. The company has been operating two farms one in Sinazongwe which grows and processes Paprika, and the other in Chibombo which is in the production of Marigold. Speaking during the IPPA signing ceremony in Chibombo ZDA Acting Director General Albert Halwampa commended the firm for investing US$ 135 million in the cultivation and processing of Paprika and Marigold which has so far created over 900 permanent jobs and 7000 seasonal jobs for Zambians in Chibombo and Sinazongwe. Mr. Halwampa was elated that the company had already started exporting their produce to China and the United States of America (USA) thereby increasing the foreign exchange earnings of the country and speaking earlier, Chenguang Biotech Ltd Chief Executive Officer Liu Feng Hai said the signing of an IPPA was not only a good gesture by government but an encouragement to the company it provided legal protection to the investment. Mr. Hai said the IPPA was a new starting point to consolidate the company’s partnership with the Zambian government to implement and expand their investment confidently.

The IPPA signing ceremony was held at the Chibombo farm on Thursday 22nd December 2022.