INDIA’ S second largest stainless steel manufacturing company, Rimjhim Ispat Limited, is interested in setting up a steel manufacturing facility in Zambia.
“The company is attracted to invest because of Zambia’s peaceful record and political stability,” Rimjhim Ispat Limited Executive Director Rohit Agarwal said.
Mr. Agarwal said the investment in Zambia would create 500 jobs in the interim and 4000 jobs in the long term.
This came to light when Zambia’s High Commissioner to India Judith Kapijimpanga toured one of the Rimjhim Ispat Limited’s steel manufacturing facilities in Kanpur in the Indian State of Uttar Pradesh.
And Zambia’s High Commissioner to India Judith Kapijimpanga said manufacturing which was among the five top priority economic areas was needed in Zambia for value addition from raw materials.
“Value addition will also help reduce the balance of trade gap between India and Zambia,” the High Commissioner said.
She added that Zambia was ripe for investment in steel manufacturing as the country had embarked on massive infrastructure development and that surplus steel products could benefit the eight neighbouring countries and beyond.
“Increasing exports of products manufactured in Zambia will help Zambia to even stabilise the local currency further,” Mrs. Kapijimpanga said.
She said the country had institutions such as Zambia Development Agency (ZDA) and Industrial Development Corporation (IDC) working with Zambia Association of Manufacturers (ZAM) which were key institutions to accelerate investment.