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Economic Planning and Investment Promotion Minister Simon Khaya Moyo (second right) responds to questions from journalists together with Chinese Ambassador to Zimbabwe Mr Lin Lin (left), Chairman of the Chinese Council for Promoting South-South Co-operation Mr Lv Xinhua (second left) and Minister of Welfare Services for War Veterans, War Collaborators, Former Detainees and Restrictees Christopher Mutsvangwa yesterday

Business Reporter
A-25 member visiting Chinese business delegation says Government has done a lot to improve investment climate and believes that the set of policies and direction it has taken are correct.

Chairman of the Chinese Council for Promoting South-South Co-operation, Mr Lv Xinhua made the remarks during a media briefing in Harare on the sidelines of a Zimbabwe-China investment conference.

The delegation is in Zimbabwe to scout for investment opportunities across a wide range of economic sectors including but not limited to mining, construction, pharmaceuticals, and manufacturing.

He said China, a leading global manufacturer of a wide range of products and looking to spread its investment tentacles in Africa, had quality surplus production capacity desperately needed by Zimbabwe.

To that end, he said they were not in Zimbabwe to seek markets for its products only, but also sustainable development of agriculture, industrial and mining processes to inject vitality to the ailing economy.

The two countries already enjoy growing political relations dating back to the period of Zimbabwe’s struggle for independence and blossoming trade relations with volumes valued in excess of $1,2 billion.

China has consistently given Zimbabwe concessionary, preferential and commercial loans, over $1,5 billion in the past five years, while billions of dollars’ worth of deals were concluded only last year.

But Mr Xinhua emphasised the need for Government to continue to improve the investment climate to retain the vast Chinese investment already in the country and attract more Chinese investment.

“We believe that your Government has done a lot to grow the economy and improve the investment conditions. We believe that the policies and direction of your Government are correct,” he said.

He emphasised the point that the Government needed to take note of the fact that it could do better to further attract more investment. Mr Xinhua said Government should have more open policies.

Chinese Ambassador to Zimbabwe Mr Lin Lin concurred with this assertion, saying that Chinese firms invested in Zimbabwe may encounter various issues with their investment and Government should consider it from their perspective and provide necessary help.

Mr Lin said that as the political and economic ties between the two countries deepen, Zimbabwe became the biggest recipient of Chinese investment in 2013, raking up a commendable $602 million.

He said the visit by the delegation was “another step in deepening our bilateral relations and economic cooperation”, which has seen China grow into the biggest investor in the small Southern African country.

Mr Xinhua said Government should offer more incentives to attract China’s outbound investment to Africa and capitalise on Zimbabwe’s top five listing of countries prioritised for Chinese investment.