India firm to invest US$8 million in Zambia

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One of India's largest Seed Companies, Prasad Seeds Company Limited, will in the first phase spend eight million us dollars in setting up a seed research, production, processing and distribution facility. 

Prasad Seeds Chairman Karumanchi Prasad says the move is an entry into Africa targeting the eight neighboring countries and beyond. 

Mr. Prasad says he is convinced that Zambia is the best investment destination which has a stable political system and a strong legal framework that protects private sector investment. 

He said this in Hyderabad in the Indian State of Telengana after having a final meeting with Zambia High Commission In India before starting operations in Zambia. 

And Zambia's High Commissioner to India Judith Kapijimpanga has urged the company to also consider venturing into vegetable and paddy rice seeds processing because Zambia is currently importing such seeds.

according to a statement made available by First Secretary Press and Tourism at the Zambian Mission in New Delhi, India, Bangwe Naviley, Mrs. Kapijimpanga says the decision by PRASAD to invest in Zambia is welcome as Indian investments in the country has exceeded five billion us dollars. 

she says the mission is happy to note that the company has existed for over thirty years with core competence in seed processing in its thirty -two factories in India sitting on a one million square feet piece of built up factory space that provides seventy percent of India's seed requirements.

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