21 Indian investors eye Zim

investment-dubai-vaeCletus Mushanawani in New Delhi, India—
At least 21 Indian companies have expressed interest in investing in Zimbabwe in various sectors of the economy, ranging from energy to medical tourism. The firms’ representatives met President Mugabe on the sidelines of the ongoing India-Africa Forum Summit here yesterday. The President told them that the country was open to investors who want to add value to its abundant resources.

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President Mugabe arrived here yesterday morning for the four-day India-Africa Forum Summit described as the biggest gathering India has hosted in recent years. “We are a small country with only 14 million people and demographically we can be described as a small child who is growing in the context of the world where there are huge countries like India, China, Indonesia, America and others,” said President Mugabe.

“However, we are quite large in terms of resources beginning with agriculture and land where we have good soils, good weather, but climate change is really causing havoc. When we have good rains our agriculture does very well.

“Minerals are quite abundant, with the country having 68 different minerals. During colonialism, gold was the main mineral, with others like chrome, iron, copper, coal and asbestos, but now we have discovered that we have diamonds and platinum. I think we have ample opportunities to those who want to undertake mining in our country.”

President Mugabe said diamond mining was now reserved for the State. He said Government had since changed focus and was now intensifying in adding value to minerals as well as beneficiation. President Mugabe said Zimbabwe adopted the Look East Policy after realising that the country’s former colonisers still wanted to pursue neo-colonialism and wanted to continue controlling its resources.

“The former colonisers wanted to continue to control our socio-economic sector,” he said. “We still have that situation in Africa.” President Mugabe encouraged Indian firms to invest in Zimbabwe’s financial sector. Speaking after the meeting, Finance and Economic Development Minister Patrick Chinamasa, who is also here, said it was highly successful, with President Mugabe briefing the Indian business community about Zimbabwe’s state of the economy and encouraging the investors to seriously consider the country as an investment destination.

“The companies represented are eyeing investments in power generation, agriculture, irrigation development and medical tourism,” he said. “They clearly outlined the areas they want to invest in and we are now encouraging them to come to Zimbabwe and meet respective line ministries for them to pursue their interests.

“The meeting was fruitful as most of the companies expressed interest in the energy sector, especially investments in solar energy, irrigation, mechanisation, as well as mining.” One of the Indian business community’s representatives, Mr Sanjay Kirloskar, who is also the chairman and managing director of Kirloskar Brothers Limited, described the meeting as an eye-opener.

Mr Kirloskar, whose company is into large scale irrigation development, said they were impressed by President Mugabe’s presentation as he gave them the historical background of the Zimbabwean situation for them to have an appreciation of what the country has to offer. “President Mugabe encouraged us to come and invest in Zimbabwe and we now have a better understanding of investment opportunities in your country,” he said.

“We had representatives interested in the development of Small to Medium Enterprises, earth moving equipment, agriculture and irrigation development as well as medical tourism. Everyone was impressed by President Mugabe’s presentation and since India is also a developing country, we want to see how we can help to see the two countries developing together.”

Small and Medium Enterprises and Co-operative Development Minister Sithembiso Nyoni, who is also accompanying President Mugabe, said beneficiation was the way to go. She encouraged investments in drip irrigation. President Mugabe, who is the chairman of African Union, is expected to meet the host, Prime Minister Nahendra Modi today for bilateral talks ahead of the main summit meeting scheduled for tomorrow.

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