Brace for more Chinese investment

ZIMBABWE should brace for more investments and mega deals from China after Monday’s harmonised elections that were peaceful, head of a Chinese election observer mission to the justended elections Mr Liu Guijin said yesterday.

Speaking after meeting Foreign Affairs and International Trade Minister Dr Sibusiso Moyo at his Munhumutapa offices, Mr Liu said the 2018 elections gave the country a pedestal to rebuild the economy. The general election, he said, will send positive signals to Chinese investors — both public and private, whom he expects to flock into the country soon.

“China is a good friend of Zimbabwe and we have been very helpful in the past in Zimbabwe’s development process and definitely we are going to do so with the new Government,” said Mr Liu.

“I think this peaceful and democratic election will send a good signal to the Chinese investors, you should expect more investments from China — more entrepreneurs both public and private coming to invest because for any foreign investor, a peaceful environment, a consistent policy and a stable Government and situation are very important.

“Zimbabwean people have suffered for so many years due to the chaotic situation obtaining. Now is the time for you to start a new journey.

“Now is the time for Chinese entrepreneurs to come in greater numbers to invest. Chinese entrepreneurs and businesspeople could be an effective partner of the Zimbabwean entrepreneurs and businesses. I see greater potential for us to expand our corporation,” he said.

The economy has been on a reconstruction trajectory ever since the coming into office of the new administration led by President Mnangagwa in November last year.

With Government championing new investment under the mantra “Zimbabwe is open for business”, several international investors have already starting coming to the country including from the West, which previously had a frosty relationship with the previous dispensation led by for president Mr Robert Mugabe.

Addressing a campaign rally at the National Sports Stadium on July 28, President Mnangagwa said investment commitments to the country had reached $20 billion since November last year with most of them expected to come to fruition after the harmonised elections.

Earlier this month, the President commissioned the $153 million Robert Gabriel Mugabe International Airport upgrading and rehabilitation, which is being funded through a concessionary loan from China Exim Bank.

Government is also finalising the requisite paperwork with a Chinese company, Anhui Foreign Economic Construction Group Limited (AFECC), for the dualisation of the Harare -Beitbridge and Harare-Chirundu highways which had initially been awarded to an Austrian company, Geiger International.

Geiger International’s contract was withdrawn after the firm failed to deliver.