MM Integrated Steel Mills Limited signed an Investment Promotion and Protection Agreement with the Zambian government, worth more than USD 52 million for the expansion of its operations.

And President Rupiah Banda has said the on going private sector reforms have facilitated for the MM Integrated Steel Mills investment in the country.

Mr George Kunda vice president on behalf of the president, witnessed the signing of the IPPA in Lusaka between the ministry of commerce, trade and industry and MM Integrated Steel Mills Limited

Mr Banda said the current business reforms have helped the country to attract more Foreign Direct Investment. He said reputable international companies were coming to invest in Zambia not only in the manufacturing sector but in other key sectors of the economy.

In a speech read for him by the Vice-President George Kunda, Mr Banda said the entry of MM Integrated Steel Mills into the manufacturing sector shows the success of the Government’s private sector development policies.

Mr Banda said that “I am glad to note that MM Integrated Steel Mills Limited has already invested USD 21 million in the establishment of a modern plant for the production of cold rolled galvanized coils and corrugated roofing sheet.”

As a result 300 jobs have been created for the local people and Mr Banda said it was projected that by the end of 2012, another 800 jobs would be created.

He said that “Creating more jobs will certainly lead to a reduction in poverty. Not only are we creating direct jobs through these investments, more business linkages are created.”

Mr Banda said the investment would also result in the creation of business linkages for local roofing sheet manufacturers who shall locally source cold rolled galvanized coils from MM Integrated Steel Mills.

MM Integrated Steel Mills director for the project Lawrence Manyama said the favorable investment climate had facilitated for the company to invest in the manufacturing sector.

(Sourced from www.times.co.zm)