Zimbabwe, China Mull Tobacco Processing Plant

Source from:  The Herald 08/07/2014

Zimbabwe and China are planning to establish a multi-million dollar tobacco processing plant that will see the country exporting more processed tobacco products in line with the country's economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset).

In an interview after receiving a high powered delegation from the Chinese tobacco industry at Harare International Airport on Sunday, Tobacco Industry and Marketing Board (TIMB) chairperson Mrs Monica Chinamasa said the visitors would also explore other areas of business co-operation.

"The visit will allow us to talk to our Chinese counterparts about value addition. We want to have a joint venture with them on cigarette making. We want to talk to them to assist us set up this in line with our economic blueprint, the Zim-Asset," Mrs Chinamasa said.

She said they also wanted the Chinese to assist Zimbabwe explore new tobacco markets.

Meanwhile, contract purchases of virginia tobacco are increasing with at least 163,7 million kg having been delivered by Friday last week taking the seasonal total to 214,2 million.

The 163,7 million kg was bought for $542,7 million at an average price of $3,32 per kilogramme.

During the same period last year contractors purchased 110,3 million kg at an average price of $3,76 per kg. Enditem