The company is an avid believer that change is achieved through actions rather than words. That’s why the company’s management in 2017 launched the “Empowering Africa” project. We, at Paramount, believe that in order to create a more sustainable and stable world society, the economic development and creation of self-sufficiency of the African nation is key. The company is therefore dedicated and passionate about supplying affordable energy and food to the African nations. We believe that by enabling access to affordable energy and food supply the economies of Africa can flourish, economic activity is stimulated, and local entrepreneurship encouraged. Ultimately this will lead to a more equal distribution of wealth and power, resulting in a better world for all of us to live in.
In 2017 the company teamed up with a local food distributor in Angola and started supplying affordable finished food products, such as meat, pasta, rice, tomato paste, pinto beans, etc. to Angola. A large portion of the company’s financing was and currently still is dedicated to this project. However, the ultimate goals were always to enable the country to produce its own finished food products, rather than rely on expensive finished food imports, and ultimately produce its own raw materials. That’s why in 2017 Paramount simultaneously supported its partner Carrinho Group in the construction of large food processing plant in Benguela. The total investment was in the region of USD 600mln. In 2019 construction of the plant was finished and first deliveries of grain to be processed at the plant were initiated by Paramount. Paramount is now a large supplier of wheat, corn, rice, sugar, etc. to the plant, which has created more than one thousand jobs locally and has resulted in substantially lower food prices and the creation of local food brands that the nation can be proud of.
The construction of a second food processing plant in the country is now under serious investment consideration. This will enable Angola to not only feed its own population at affordable prices but will make the country and exporter of its own, locally produced food products to the neighbouring countries as well. After this plant has been constructed, the next phase of the “Empowering Africa” project will be the growing of the country’s own necessary raw materials.
Today, a large portion of Paramount’s finances are dedicated to the “Empowering Africa” project and the company is increasing its food supplies to other African countries as well. This activity is becoming a growing part of the company’s activities and every effort is made to make this project a success.
Currently Paramount is also at the final stage of supplying affordable electricity to countries in West Africa by making investment in various power-generating projects which will allow certain African countries to reliably supply affordable electricity to its population and businesses so that local economic development can be further increased.
It is Paramount’s mission and passion to use its financial capabilities, access to worldwide commodities and know-how of the commodity markets to truly empower Africa though real actions and investments!