Sunny Yi Feng to raise investment 50pc

Herald Reporter

Zimbabwe’s tile manufacturing company Sunny Yi Feng (Pvt) Limited has committed to increase its local investments by 50 percent in a development that will see the business employing more people and boosting its foothold in the region.

The initial investment in Sunny Yi Feng (Pvt) Limited was $40 million, and last week the firm announced the additional capital injection was used to procure more equipment to boost its capacity.

Currently the company employs almost 2 000 people in the manufacture of floor tiles, roofing tiles, bricks, cement pipes, cups, plates, wooden pallets and cardboard boxes.

President Mnangagwa and the Government has identified the manufacturing sector as a key enabler in attaining an upper middle income economy by 2030.

The country has plans to boost the manufacturing sector under its economic revival strategy, as it has a critical role to play in satisfying the local and export markets.

Sunny Yi Feng managing director Mr Cheng Guofeng confirmed the additional capital injection in the business.

“We have invested 50 percent more of the initial amount we invested, and this month we will be receiving more equipment to improve our capacities here.

“After the arrival of the latest equipment we expect a 50 percent boost in all our products. For instance we have a capacity to manufacture 100 000 square metres of tiles per day, but we are now increasing it to 150 000 square metres,” he said.

Mr Cheng said the company has more investment plans ahead aimed at increasing production capacities locally.

However, he implored authorities to consider levying taxes on imported goods which are also manufactured locally to boost local industries.

“We are still boosting our businesses here. It’s a phased approach and the business operating environment here is good. We feel our investment is safe that is why we continue injecting more capital.

“Our appeal is to protect the local investment by levying taxes on imported goods that are also manufactured locally. We are exporting most of our products to foreign countries and in these countries, we are levied extra tax.

“We are earning foreign currency for Zimbabwe and like I said, those importing products that are manufactured locally should pay extra tax,” said Mr Cheng.