By JUDITH NAMUTOWE –
WOODGATE Holdings Limited has signed a Memorandum of Understanding (MoU) with Wegh Group, an Italian company which will see the two establish a railway sleeper factory in Zambia.
The factory is earmarked to be established at Chambeshi Multi-Facility Economic Zone (MFEZ) on the Copperbelt.
The two companies will invest US$15 million in railway sleepers manufacturing plant which will create 300 direct jobs.
This is according to information obtained from the Zambia Development Agency (ZDA) in Lusaka, at the weekend.
The two companies through a Joint Venture partnership will lead to the establishment of a manufacturing company which will be producing railway sleepers and other related products.
Discussions between the two companies began in July 2014 and with an MoU signed shows confidence investors have in Zambian owned companies and the Zambian economy.
Woodgate Holdings, a wholly owned Zambian company and Wegh Group signed the MoU during the Expo Milan 2015 held in Italy in August.
The Expo Milan is the universal exposition held every five years world wide and is currently running from August until the end of October, 2015.
Zambian officials from Lusaka who participated in the expo, was headed by Minister of Health Joseph Kasonde accompanied by Deputy Minister of Commerce, Trade and Industry, Miles Sampa and the ZDA participated in the expo.
