Zim woos Indian investors

Tendai Mugabe in New Delhi, India
ZIMBABWE has approached Indian investors to undertake several capital projects as the country accelerates its efforts in the implementation of Zim-Asset.

The invitation of Indian business people comes in the wake of an intensification of the Look East Policy which seeks to unlock investment from Asian countries.

In the tourism sector, the country is seeking $59 million from Indian investors for the construction of hotels, shopping malls, food courts among other things.

Zimbabwe is also seeking investment in areas of agriculture, manufacturing, infrastructure development, mining, energy, power development and health care facilities.

In the power and energy sector, Zimbabwe is among the 10 African countries that are seeking Indian investment for the establishment of 38 power projects on the continent.

This information was released on Monday by the Confederation of Indian Industry (CII) on the sidelines of the 11th India-Africa Business Conclave that opened here yesterday.

Figures released by the CII also showed that Zimbabwe is among 20 African countries that are seeking investment in agriculture while in telecoms, trade, security and handcrafts the country joins 16 other African countries pursuing Indian investment.

Speaking during Monday’s official opening of the conclave, Indian Minister of State for External Affairs Retired General Vijay Kumar Singh said India had a key role to play in the development of Africa.

He said at the Third India-Africa Summit held last year, India set aside a $10 billion credit facility for African countries and 20 000 scholarships for African students in various fields of specialisation.

Gen Singh said it was impressive to note that bilateral trade between Africa and India had increased tremendously from $30 billion in 2008 to $72 billion in 2015.

He said technology was key in the development of India and Africa adding that the two sides should also form synergies in areas of agriculture, small and medium enterprises.

“Technology is a very strong foundation of our partnership,” he said.

“We are also looking forward to work in areas of sustainable development and bilateral trade between the sub-continent of Indian and African has doubled from US$30 billion in 2008 to US$72 billion in 2015.”

Gen Singh urged developing countries to take advantage of the Duty Free Tariff Preferential Scheme provided by the Indian government to increase their export share to the Asian giant.

Speaking at the same event, Confederation of Indian Industries president Mr Sumit Mazumder described the relationship between India and Africa as complementary and symbolic.

“The demand of Indian goods in Africa has increased in the recent years,” he said.

“In 2014, India exported 11 percent of its exports to Africa and nine percent of (Indian) imports from Africa which was primarily minerals.

“Since 2010, India’s exports to Africa has increased and Africa is India’s second largest Foreign Direct Investment destination after the US.”

The conclave, which had attracted 23 ministers of trade from Africa and 400 African business delegates was also attended by the vice presidents of South Sudan and Ghana, Messrs James Wani Igga and Kwesi Amissah-Arthur respectively.

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