Home » Business » Seed Co to Invest U.S.$6 Million in Research

Zimbabwe’s largest seed company, Seed Co Private Limited plans to invest about $6 million towards research and importation of new technology by 2015 as the company intensifies efforts to compete on the global market, a company official has said. Currently the seed company spends $4 million on research and an increase to that figure has been planned.

In an interview yesterday Seed Co Zimbabwe finance director Mrs Felistus Ndawi said the company is in the process of importing new technology.

“We are establishing a state of the art research laboratory to be furnished with latest technology imported from overseas.

“We are planning to invest capital in excess of $6 million in the next year or two.

“The companies want to continue offering a variety of seed breeds through continued use of technology and reliable research,” said Mrs Ndawi.

She said the company’s plans to establish a research laboratory coincided with the coming in Limograin hence efforts have been made to make sure the project becomes a success.

A technical committee consisting of representatives from Limograin and Seed Co has been put in place to handle research issues and mobilisation of funds.

“Some money has already been invested towards the purchase of the equipment required and a significant investment has been earmarked towards research from a capital expenditure point of view,” she said.

Investment in latest technology for research requires huge capital investment and many companies in Africa have found it difficult to raise the required finance.

Mrs Ndawi said Seed Co is looking at purchasing more land for the company to produce seed on its own and the company already has a farm that is producing 80 percent of seed.

She said the company is also in the process of acquiring land in Zambia as Seed Co intensifies efforts to register its footprints on the global market.

“The group will continue expanding on the global market and we have started exploring the West African market in Nigeria and in the future Ghana.

“I can confirm that there are some varieties that we have selected for multiplication in that region.

“Through research we have discovered that West Africa can be a good market for the future of the company,” said Mr Ndawi.

Seed Co is currently the dominant seed company in Zimbabwe sitting on 56 percent market share in the Zimbabwean market.

Source : The Herald

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