Bibagry Praised for Early Investment Actualization in Zambia
The Zambia Development Agency (ZDA) commended Bibagry Limited for exceeding expectations by actualizing most of its pledged investment well ahead of schedule.
Bibagry, a ZDA-supported beverage manufacturer, committed a $30 million investment over five years in October 2021. Impressively, the company has already invested $27 million in just two years.
ZDA Director General Albert Halwampa credited President Hakainde Hichilema’s administration for creating a stable and predictable business environment through consistent policies.
He also highlighted the President’s role in attracting foreign investment.
Mr. Halwampa pointed to a surge in investor activity, with the ZDA issuing a record-breaking $50 billion worth of investment licenses in the last three years.
He emphasized that these figures represent actual commitments, not just potential investments.
Bibagry serves as a prime example of Zambia’s thriving investment climate. The company not only met but exceeded its job creation targets, employing 125 Zambians instead of the initially planned 114.
ZDA pledged continued support for Bibagry and other private sector actors to foster job creation and economic growth.
Mr. Halwampa highlighted the vast regional market accessible from Zambia, including SADC and COMESA, with a combined population of roughly 800 million.
Bibagry is already capitalizing on this advantage, exporting to the Democratic Republic of Congo and Botswana, with plans for further market expansion.
The ZDA applauded Bibagry’s commitment to corporate social responsibility, including providing treated water to the surrounding community.
Bibagry Managing Director Mehran Ahmed expressed gratitude for the ZDA’s support throughout the investment process.
He announced plans to double or even triple the investment due to Zambia’s strategic location and export potential.
As a sign of this commitment, Bibagry has already begun construction of a 300-ton-per-day milling plant.
Mr. Ahmed emphasized Bibagry’s dedication to high-quality products to compete effectively in the international market.
He also commended the ZDA for offering incentives for expanding existing businesses, making growth more accessible.
Mr. Ahmed urged Zambian manufacturers to prioritize quality to compete globally and promote Zambian-made products with pride.
