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Natasha Chamba, Business Reporter
AGRICULTURE concern, Life Brand Agricultural Services is targeting the Zimbabwe diaspora community to be part of its castor bean outgrower scheme in the country.

Under the firm’s 2018/19 cropping season programme, Zimbabweans in the diaspora were required to invest US$3 000 in the project and can anticipate returns in excess of US$10 000 per annum.

Life Brand chief operations officer, Mr Israel Kembo said castor beans are in high demand the world over and his organisation had secured orders for the by-product, crude castor oil in the Middle East and China.

“We have registered about 11 000 hectares to grow castor bean this year though we have enough seed to cover 25 000ha, finding farmers to grow the crop is the challenge.

“Already, we have off take agreements with Middle East and the Chinese markets and we will convert the castor beans into crude oil before exporting to those markets.

“We are offering US$1000 a tonne to the farmer and will pay them in hard currency provided the authorities allow us to do so,” he said.

“Under the programme, Zimbabweans in the diaspora should at least invest US$3 000 in the project and anticipate returns in excess of US$ 10 000 per annum.”

Remittances by Zimbabweans in the diaspora as of 2017 stood at US$780 million and the company believes part of the proceeds can be channelled to investments in the agriculture sector.

Mr Kembo said the firm received advance payments from their foreign buyers and they were prepared to pay farmers in hard currency.

He said the firm is ultimately bound by the exchange control regulations enforced by the central bank.

Mr Kembo said the company seeks to rope in 80 000 households to grow 150 000ha in the long-term and output from the 25 000ha was expected to reach 250 million kilogrammes with the firm assuring farmers of US$1 per kg.

He said commercialisation of the project has potential to create over 500 000 jobs across the value chain resultantly reducing Zimbabwe’s import bill for fuel, pharmaceuticals, lubricants and paint.

The production of castor bean can earn the country up to US$7 billion in foreign exchange annually.

“An advantage ofs is that it is a drought resistant crop and it can be grown in all parts of the country with the exception of Nyanga and surrounding areas because of the low temperatures.

“Binga district is one of the country’s most arid places and has already registered 2 300ha to be put under castor bean this year,” he said.

Life Brand Agricultural Services is one of the latest companies to embrace national agricultural initiatives after Sakunda Energy helped fund the Specialised Maize Production and Import Substitution Programme (Command Agriculture).

— @queentauruszw