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Afghan private sector invests $105mn in 19 factories

in Afghan Business

Afghan private sector invests $105mn in 19 factories

Mohammad Qurban Haqjo, head of the Afghanistan Investment Support Agency (AISA), and Hazrat Omar Zakhilwal, senior advisor on economic officials to President Ghani, inaugurated the construction of 19 new industrial factories in capital Kabul on Tuesday.

The new factories are USD 105mn worth of investment from the private sector.

This comes as investment level in Afghanistan has dropped drastically since the 2014 political turmoil caused by the long elections impasse and security uncertainty.

According to figures from AISA, the investment in 2014 declined to USD 600mn, compared to USD 900mn in the past decade.

Addressing the inaugural ceremony, Haqjo said the USD 105mn private sector venture would generate job opportunities for 1,500 people directly and for 7,500 indirectly.

He added that the factories would produce food items, plastic products and garments; one would process stones and one was a printing house.

He criticized the government for not paying attention to the investment sector of the country and slammed Afghan businessmen for investing in housing schemes in Dubai and Turkey.

He cited lack of land as a major hurdle to investment in Afghanistan.

Meanwhile, Afghanistan Industrialists Association head Shebaz Kaminzada said USD 8.5 billion were prevented from being invested in the country due to the lack of land plots.

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