CAPRI Zimbabwe, a subsidiary of the expansive, cash-rich manufacturing and retail conglomerate, Innscor Africa Limited, is planning to export its products into the region, the Financial Gazette's Companies & Markets (C&M) has established.

The development comes after the company unveiled a new refrigerator plant worth US$12 million that is expected to increase the company's output and help it export into the region.

Capri's managing director, Gary Watson, told our source that his company is targeting regional countries.

"We recently put in a refrigeration plant and with this we are targeting servicing regional markets," said Watson.

"We have increased the styles and types of refrigerators because some of the markets have high temperatures and the new styles will also help in terms of power cuts.

"We are already exporting to Malawi. But now we want to venture into Zambia, Democratic Republic of Congo, Mozambique, and Namibia.

"Our business will be more export driven than local driven. We are struggling a bit in the local market because there is a serious liquidity crisis in the country and consumers don't have money to spend.

"That is affecting us. Therefore we need some injection into the local market to create activity in terms of local spend. More of that will entail more industries employing people to create consumer demand."

Industry and Commerce Minister, Mike Bimha, commended Capri for investing in the refrigerator plant notwithstanding the difficult environment in the country.

Capri started manufacturing refrigerators and freezers in the early 1960s.

Bimha said the investment came at an opportune time government had introduced a number of measures to nurture and develop industries to withstand unfair competition regionally and globally.