Meatco is recognised at the large enterprise of the year
09 Jan 2015
Meatco was the overall winner in the Large Enterprise category at The Good Business and Innovation Awards of the Development Bank of Namibia held on 07 October 2015. The Good Business Award showcases the best enterprises financed by the Bank and their impact on development. It also serves as a showcase for what Namibian enterprises can strive to become. In Meatco’s event it is our Backward Integration Initiatives including the feedlot that we have embarked upon to expand.
The Development Bank of Namibia awarded Meatco with N$70 000. Talking about the award, DBN CEO Martin Inkumbi noted that although direct investment in agriculture is not within the scope of DBN’s operations, further processing in the agri-industry, particularly packaged beef cuts to be produced and exported by Meatco, falls within the Bank’s mandate as food manufacturing.
“Following veterinary restrictions imposed by South Africa, on the import of weaners, the Namibian beef production sector was in a depressed condition. Vulnerability to restrictions indicated over-dependence of the sector on exports of weaners to South Africa. In order to address the shortcoming of weaner production as a major activity of agriculture, Meatco received finance to add value to beef by purchasing weaners from local farmers and raising them to slaughter cattle at feedlots. DBN finance was used to develop feed lots and procure cattle from farmers. In the process, additional jobs were created, and satellite feedlots were established. providing additional opportunities for farmers to sell cattle,” Meatco’s Chief Executive Officer, Vekuii Rukoro said in acceptance of the award.
The Development Bank of Namibia showcased the best of large enterprise from among its clients at the 2015 Good Business and Innovation Awards on Wednesday, 7 October 2015. Meatco was selected as the Best Large Enterprise for stabilisation of cattle exports through feedlots and meat processing.
LTR: Adv. Vekuii Rukoro (CEO of Meatco), Acting DBN Chairperson Muetulamba Shingenge-Haipinge, and Hon. Engel Nawatiseb (Deputy Minister of Public Enterprises)
Talking about the judging, Martin Inkumbi said the entries were selected within the Bank based on the criteria of the awards which included enterprise administration, viability, use of local resources, employment and development impact. The nominees were then further rated by a panel of judges consisting of external and internal expertise.