Mar 28, 2017 Last Updated 9:05 AM, Mar 28, 2017

Spur launches Ethiopian franchise

ABN – South Africa’s Spur Corporation has announced plans to launch a new franchise in Ethiopia.

The company is keen to exploit the growing middle class and growing foreign influx in the country with the new Spur Steak Ranch franchise.

Spur Corporation CEO Pierre van Tonder said: “Ethiopia is a dynamic, productive country with one of the highest GDP growth rates in Africa.”

Ethiopia has registered a double digit growth rate in its economy since 2002. 

Sameer Group constructs Kenyan milk factory

ABN – Naushad Merali has announced plans to construct a US$30 million milk factory in Nakuru, Kenya.

Merali’s Sameer Group currently produces 180,000 litres of milk per day and it is hoped the factory will help the company keep up with the country’s growing dairy business.

Merali has invested a total of $56 million into his East African dairy business over the last four years.

He said: “The last five years have seen the company accomplish a number of projects in a bid to fight for a slice of local dairy products market and expand to East African Community.” 

@ABNetworkOnline

Zimbabwe keen to boost tobacco industry

ABN – Zimbabwe’s tobacco exports have grown by 235% in the past five years and the government is hoping that the crop’s success will help boost the country’s agricultural industry.

There are currently more than 90,000 tobacco farmers in Zimbabwe, encouraged by the market’s offerings of prompt payments and advance funding for seeds and equipment.

They are poised to reap further benefits this year as the prime recipients of funding pledged by Zimbabwean banks to the country’s agriculture industry.

Clive Maphambela, advocacy offer at the Bankers Association of Zimbabwe, told Reuters that banks plan to lend US$1 billion to the agriculture industry this year and that 60% of that will go to tobacco farmers.

However, the Zimbabwean government has argued that boosting the country’s tobacco production will have no effect on the levels of smoking and related health risks in the country – as only 5% of production is smoked in Zimbabwe.

The largest proportion of tobacco produced in Zimbabwe is imported by China, who last year bought 40% of the total 218 million kilos produced.

Chinese buyers pay more for the crop than those in other countries, as they believe it is of higher quality and helps add flavour to Chinese-produced cigarettes.

@ABNetworkOnline

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