China gets nod to invest in all sectors
Tendai Mugabe Senior Reporter
Zimbabwe is open to Chinese investment in all economic sectors under the new Comprehensive Strategic Cooperation and Partnership agreed upon during President Mnangagwa’s State visit to China in April. Further, the Government of Zimbabwe committed to processing all proposed business projects in the shortest possible time as Harare and Beijing further strengthen economic ties.
In line with this drive, Government has put in place the appropriate policy and legislative framework that guarantees safety of foreign investments and lowers the cost and risk of doing business here.
President Mnangagwa revealed this as he officiated at the Zimbabwe-China Business Forum in Harare yesterday where he also witnessed the signing of several bilateral memoranda.
Agreements signed include a Memorandum of Understanding for the establishment of friendly ties between Harare Province and Zhejiang Province and another one on scholarships.
President Mnangagwa said Zimbabwe offered an array of opportunities in various sectors that Chinese companies could invest in. “Zimbabwe has huge potential and vast opportunities in all sectors,” said President Mnangagwa.
“We welcome investments in the entire mining value chain — from exploration and mining, to value addition, beneficiation and marketing.
“In the agricultural sector, our thrust is to mechanise and modernise the entire agro-value chain. Investment opportunities are equally abound in the construction of water bodies, irrigation development and agriculture engineering, the manufacturing of fertiliser, chemicals and herbicides, value addition and beneficiation of agricultural products, agricultural financing, agro-ICT solutions and other aspects of the tech-revolution that will vault our agriculture productivity in line with global trends.
“Let me assure you that my Government will facilitate the implementation of all planned ventures and investments in the shortest possible time. We look forward to massive investment projects by Chinese companies that will see Zimbabwe on the road to fulfilling its vision of becoming a middle-income country with a per capita income of US$3 300, increased investment, decent jobs, broad-based empowerment, free from poverty and corruption by 2030.”
President Mnangagwa said other investment opportunities were available in the energy sector and water and sanitation infrastructure.
“Investment opportunities also abound in our manufacturing sectors which are in dire need of retooling and modernisation.
“This sector has vast investment prospects in clothing and textile, food processing, metals, electrical, leather and footwear, pharmaceuticals, paper and plastics among others.
“Over the years, our economy has suffered from limited affordable long-term financing and credit lines. We therefore, invite players in the financial services sector to come and establish financial institutions that offer appropriate financial solutions and packages for the unique realities of Zimbabwe and the region.”
President Mnangagwa said Government had set special economic zones based on geographical and commodity based strategy to promote Foreign Direct Investment.
He said he was impressed by the huge size of the Chinese delegation from Zhejiang province which described as the first of its kind from China since independence.
The Chinese delegation was led by the Governor of Zhejiang province and secretary of the provincial committee of the Communist Party of the People’s Republic of China Mr Che Jun.
Among Mr Che’s delegation, were business people from various sectors willing to partner their Zimbabwean counterparts to do business here.
The visit was the first by Mr Che to Africa signalling China’s seriousness to do business with Zimbabwe.
Earlier, Mr Che and his delegation paid a courtesy call on Vice President Constantino Chiwenga at his Munhumutapa Office before proceeding to attend the Zimbabwe-China Forum.