THE Government has rallied local firms to meet the expectations of the international export market with Kariba -based listed crocodile skin processing and exporting company, Padenga Holdings expecting a boom in production.
Padenga Holdings has 55 000 premium quality skins valued at US$30 million set for the European market this year as the firm has strived to meet the requirements and demands of the export market.
Foreign Affairs and International Trade Minister, Retired Lieutenant General Dr Sibusiso Moyo, who led a ministerial tour of the firm this Friday, lauded the firm’s determination and also advised local firms to meet the country’s export targets.
“I am aware that Padenga has captured the markets in Europe. It would be important that at one stage or the other, the market is not only in Europe so that there can be continuous exports of these special products,” said Dr Moyo.
“We believe that every sector or company must contribute towards the attainment of export targets. I am happy you have even gone to the horizontal development where you developed a solar power plant. We are looking forward to power investment, especially green power. It gives self-reliance capability to the company.”
Padenga Holdings Chief Financial Officer, Oliver Kamundimu spoke on the firm’s philosophy, which forms the foundation for their success.
“Our strategy I, produce, produce, export, export. Yes I can confirm that we are expecting to sell skins worth 30 million United States dollars this year,” said Kamundimu.
“A combination of factors including increased production and firming prices of crocodile skins have made it possible for us to have such a revenue projection. We have managed to cut our power bill by almost half from 500000 United States dollars per year to about 250 thousand dollars. Our major threat is, however, competition from other suppliers of our market, and we have to make sure we do all we can to meet the requirements of the market.”
Minister Moyo was at Padenga Holdings and Lake Harvest to assess the state of export-oriented ventures and appreciate efforts being made in growing exports of fish and crocodile products.
