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Minister Chinamasa

Business Reporter
FINANCE and Economic Development Minister Patrick Chinamasa will tomorrow unpack the vast opportunities unlocked by President Mugabe’s visit to China last month at a breakfast for captains of industry, diplomats and the investing public.
President Mugabe led a high powered Government delegation to explore business opportunities with the emerging global giant last month.
Double-digit mega deals were struck during the visit, most of which targeted infrastructure development to underpin economic turnaround and create millions of jobs.

The Herald Business will host the China-Visit forum under the theme “Historic Sino-Zim Agreements —What’s Next”.
The breakfast will be held at the Rainbow Towers Hotel and will be moderated by respected businessman and chief executive of Masimba Holdings, Mr Canada Malunga. Other speakers include former Confederation of Zimbabwe Industries president Mr Kumbirai Katsande.

Zimbabwe and China signed mega landmark deals with the Asian giant providing financial resources targeted mostly at infrastructure development.
The financial support will go towards economic enablers in sectors that include energy, roads, national railway network, telecommunications, agriculture and tourism.

Infrastructure and Utilities development is a key pillar under the economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation.
The cluster focuses on rehabilitating, upgrading and building key physical as well as social infrastructure and utilities to give impetus to the economic the turnaround.

The Government has identified infrastructure as the core for economic development.
Zimbabwe has been facing infrastructure challenges following failure to attract foreign capital due to years of economic sanctions imposed by the West.
But China has emerged as Zimbabwe’s political and business partner providing critical resources aiding the economic turnaround.

Zimbabwe ranked as first in Africa to attract Chinese Foreign Direct Investment in 2013, luring more than $600 million covering areas such as agriculture, manufacturing, construction, mining, tourism among other sectors.

Trade volumes surpassed $1,1 billion in 2013.
The President’s trip unlocked funding which is critical to the successful implementation of Zim-Asset.

Minister Chinamasa signed two master loan agreements with the China Export and Import Bank and the China Export and Credit Insurance Corporation which provide securitisation framework for infrastructural and productive sectors.

The agreement with the China Exim Bank sets up a framework for the Government to secure funding for projects in the productive and infrastructural sectors on a case by case basis. That funding will only come from China Exim Bank.

The agreement with the China Export and Credit Insurance Corporation also provides a securitisation framework for infrastructure and productive projects that can be funded by both the State and non-State financial institutions.

Only viable projects would attract such funding.
Minister Chinamasa signed another agreement on economic and technical co-operation on provision of emergency food donation by the Chinese Government to the Government of Zimbabwe and a concessionary loan agreement for the NetOne Network Expansion Phase Two project.

Other deals signed during the President’s visit include mutual exemption of visa requirements for holders of diplomatic and service passports, on the confirmed minutes of the Ninth Session of the Joint Commission of Economic, Technical and Trade Co-operation that met from August 21 to 22 in Beijing ahead of President Mugabe’s State visit to China.

Another agreement was signed between the Tourism and Hospitality Industry Ministry and the National Tourism Administration of China on co-operation in the field of tourism.

Minister Chinamasa is expected to detail the opportunities that exist in relation to co-operation in infrastructure development, tourism, mining and construction.
Mr Chinamasa last week told Parliament that the Government had secured serious engagement with the Chinese to fund bankable projects.