The newly opened Invert Eswatini factory in Matsapha has set an annual revenue target of E200 million. This was revealed by CEO Jeremy Capouya yesterday during the official launch by Ministers of Commerce, Industry, and Trade Manqoba Khumalo and Finance Neal Rijkenberg.
According to Capouya, Granule Holdings was founded with various strategic stakeholders' understanding and enormous assistance.
INVEST GOES FOR E200M IN ANNUAL TURNOVER
"Throughout this process, I was able to learn firsthand how to administer and launch a South African sugar distribution business, and it was an obvious choice that Eswatini provided a safe, reliable, and honest platform within a commercial climate that mirrored the warm, caring nature of its people," he explained.
Furthermore, Capouya stated that Eswatini was a very appealing investment destination within SADC (the Southern African Development Community) region, with outstanding support from various ministries.
"When considering investing in Eswatini, certain benefits include financial tax rates." "We are excited to roll out phase two, which will be a massive capacity increase for us, and phase three, where we will begin producing specialty sugars and syrups for specific manufacturers," said Capouya.
Minister of Finance Neal Rijkenberg thanked the ministry of commerce, industry, and trade portfolio committee for their ongoing assistance in ensuring the project's success.
"Most importantly, we thank the new company for investing in the country," he said. He stated that the ministry recognized the need for value-chain investments far superior to the countries.
"We are trying to look at the rest of the world to see if we can compete in the IT space and produce cellphones in the country," Rijkenberg said.
"We are also reminded that one of the primary raw materials produced in the country is sugar."
The minister explained that it was more important to do everything possible to use raw materials in which the country already had a competitive advantage rather than trying to grow in other areas.
"We're looking at industrial parks and being creative in that space right now." And we thank Granule Holdings for seizing this opportunity," he added.
He also added that seeing value addition and growth in the sugar industry was encouraging. "It is not a matter of going from producing sugar to producing high-value sugar products."
"As you move up the value chain, Granule Holdings is one of the segments, and that segment is our next step in allowing the industry to grow," he explained.
He stated that with all of the growth in the sugar sector, there was an excellent opportunity for job growth, revenue growth, GDP growth, and what they needed to do to broaden the tax base rather than raise taxes in the country.
Banele Nyamane, CEO of the Eswatini Sugar Association (ESA), says the association was very proud of Invert Eswatini's bold step. This is because the ministry had challenged them to work towards adding value to the country's sugar sector.
"We appreciate customers like Invert Eswatini, who came in for the first time and purchased a small number of sugar bags. Our sugar will now be exported as a value-added product, and we are willing to work with Emaswati to add value to the sugar industry," he said.
Name appreciated the government's quick turnaround time, ensuring the project was completed.
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