UTIP and Zahara – Comércio, S.A. sign a Private Investment Contract

On the 1st of June 2016, The President of the Republic of Angola approved a private investment project named Zahara – Comércio, S.A., which aims to expand the “KERO” retail network. The expansion plan is based on the development of 16 new business units, 15  department stores and 1 Supermarket. The investmente project is budgeted at 449,878,888.00 USD

The project is of a national dimension, comprising the provinces of Luanda and the provincial capitals in the provinces of Benguela and Huíla, Cabinda, Huambo, Malanje, Zaire, Uige and Kuando Kubango.

It is a strategic project for the development and modernization of the commercial network in the country and for the consolidation and formalization of the trade sector.

The impacts resulting from its implementation are considerable, with an emphasis on employment (creation of 6,459 direct jobs, of which 6,401 will be for Angolan workers and 58 expatriate workers as well as the creation of at least 1,292 indirect jobs).

From an economic point of view, the project will contribute to an increased domestic production capacity, positioning itself as a viable platform for the distribution of domestic goods, thus ensuring a market for these and encouraging the agricultural and industrial production of the country.

The project is in line with the new private investment policy and responds to various objectives identified in the National Development Plan of 2013-2017, to ensure the achievement of the following objectives:

a) Promotion of job creation and labor training skills for the local workforce;
b) Provide effective supply of the internal market;
c) Promotion and diversification of the country’s Economy

UTIP as the state representative, which oversaw the signature of this investment contract will provide the necessary institutional support, through support mechanisms and monitoring in conjunction with other state bodies involved in the field of private investment.

The Technical Unit for Private Investment on the 23rd of June 2016.