Angolan group Packgem plans to invest US$30 million in building a printing plant on the outskirts of Luanda, according to a contract signed with the Technical Unit for Private Investment (UTIP).
The plant, the investment contract of which grants the group several tax incentives, will be built in the Industrial Area of Kikuxi in Viana. It will have an installed capacity to produce 686 million packages and print 360,000 tons of paper per year.
The plant should start operating within 18 months and will supply the domestic market, given the lack of Angolan production and will reduce imports at the same time.
This contract, which had to be authorised by the president because it is an investment of over US$10 million, offers the investor a reduction of 42.5 percent in the payment of Industrial Tax on Capital Application and the acquisition of land and buildings for a six-year period. (macauhub/AO)