The Lusaka South Multi-Facility Economic Zone LSMFEZ is one of the most important economic entities designated to spur economic diversification for both local and foreign firms to invest in and in turn promote manufacturing, job and wealth creation, and stimulation of export activities among others.
According to the 2023 National Budget, construction of production facilities had commenced for 6 companies while 21 companies were awaiting approval from the Zambia Environmental Management Agency.
When contacted by the Zambian Business Times – ZBT, to get an update, LS MFEZ Corporate Affairs Manager Alice Schultz disclosed that one company is operating while environmental approvals have been obtained for most.
She said the zone has from January to date approved a total of 16 companies thereby bringing the total approved companies from inception to 101.
She said out of the 101, 22 companies are operational. Schultz further said that out of the 101 approved companies of which 22 are operating, 28 are constructing and 51 are at different levels of obtaining sector approvals and financing. Schultz revealed that of the construction of production facilities which had commenced for 6 companies, 1 completed construction and commenced operations.
The company’s name is Queens Oil Refinery which is currently producing cooking oil and exporting to the Democratic Republic of Congo DRC. Schultz said that 28 companies are constructing and it is expected that 5 will be completed by the end of the year.
Schultz said 101 approved companies account for USD 1.5 billion in investment value. Schultz did note that local companies have continued to show interest in investing within the LS MFEZ, but financing remains the biggest problem faced by most companies
