30 Chi­nese in­vestors Zim bound

The Sunday Mail (Zimbabwe) - - BUSINESS NEWS - Africa Moyo Se­nior Busi­ness Re­porter

AHIGH pow­ered del­e­ga­tion of over 30 Chi­nese in­vestors from An­hui Prov­ince is ex­pected in the coun­try to­mor­row to ex­plore the vast in­vest­ment op­por­tu­ni­ties avail­able in the var­i­ous sec­tors of the econ­omy. Al­though de­tails of the del­e­ga­tion’s itin­er­ary could not be es­tab­lished by the time of go­ing to print, The Sun­day Mail Busi­ness un­der­stands that the in­vestors are due to meet In­dus­try and Com­merce Min­is­ter Man­gal­iso Ndlovu to­mor­row.

An in­vest­ment con­fer­ence is also pen­cilled for Wed­nes­day, where op­por­tu­ni­ties will be dis­cussed.

Con­tacted for com­ment last week, Min­is­ter Ndlovu con­firmed that the busi­ness­peo­ple will be vis­it­ing the coun­try.

“I don’t have the finer de­tails but I had gone to China. We just ar­rived now. A mem­ber of the Con­sulate, her name is Feng, was brief­ing me when we met in Dubai be­cause in China I had other busi­nesses,” said Min­is­ter Ndlovu.

“She con­firmed that they (Chi­nese in­vestors) will be here and I should be meet­ing them on Mon­day, and on Wed­nes­day, we will be hav­ing an in­vest­ment con­fer­ence.

“You may have to check with my Per­ma­nent Sec­re­tary (Dr Mavis Sibanda) for more de­tails.”

How­ever, Dr Sibanda could not be reached for com­ment by the time of go­ing to print.

Since the com­ing in of the new dis­pen­sa­tion, there has been a flurry of in­vest­ment en­quiries, which peaked at US$15,8 bil­lion in the first half of the year.

The coun­try’s premier in­vest­ment pro­mo­tion body, Zim­babwe In­vest­ment Au­thor­ity (ZIA), in­di­cated that it re­ceived 165 busi­ness ap­pli­ca­tions be­tween Jan­uary and June this year.

Work on some of the pro­jects such as the US$4,2 bil­lion plat­inum min­ing deal by Karo Re­sources have started, with yel­low equip­ment al­ready on site.

Ne­go­ti­a­tions are un­der­way to com­pen­sate the more than 200 fam­i­lies to be af­fected.

Fi­nance and Eco­nomic De­vel­op­ment Min­is­ter, Pro­fes­sor Mthuli Ncube re­cently told Par­lia­ment that the new Gov­ern­ment is grad­u­ally restor­ing busi­ness con­fi­dence in the coun­try.

“In the first half of 2018, the Zim­babwe In­vest­ment Au­thor­ity re­ceived 165 ap­pli­ca­tions worth US$15,8 bil­lion over and above the in­vest­ment en­quiries with var­i­ous line min­istries and in­di­vid­ual com­pa­nies.

“Gov­ern­ment is pur­su­ing var­i­ous in­vest­ment en­quiries with the ob­jec­tive of in­creas­ing the ex­ter­nal in­vest­ment of US$1,8 bil­lion an­tic­i­pated in 2018 to US$2 bil­lion an­tic­i­pated in 2019,” said Prof Ncube.

Zim­babwe is among the high­est grow­ing economies in Africa, with eco­nomic growth up­graded to 6,3 per­cent from the ear­lier pro­jec­tion of 4,5 per­cent.

The agri­cul­ture, min­ing and con­struc­tion sec­tors are ex­pected to spur eco­nomic growth.

The amend­ment of the Indi­geni­sa­tion and Eco­nomic Em­pow­er­ment Act, which now al­lows for­eign in­vestors to own their pro­jects 100 per­cent ex­cept in the di­a­mond and plat­inum sec­tors, has whet­ted the ap­petite of most in­vestors.

In­vestors can now wholly own value ad­di­tion and ben­e­fi­ci­a­tion pro­jects.

Gov­ern­ment is work­ing on ad­just­ing the di­a­mond and plat­inum poli­cies.

Newspapers in English

Newspapers from Zimbabwe

© PressReader. All rights reserved.