Zim’s profile as safe investment destination growing
THE proposed 100 megawatt (MW) solar project set to be developed by Italian company Convivium Africa near Gweru will accelerate Zimbabwe’s transition to renewable energy sources while helping to address the country’s power deficit.
President Mnangagwa last week met with Convivium Africa president Dr Alfonso Ippolito on the sidelines of the Italy-Africa Summit in Rome.
During the meeting, the President undertook to provide the company with land to set up the multi-million-dollar power project.
In an interview with The Sunday Mail, Italian Trade Agency country head in Zimbabwe Mr Tinotenda Kambasha said the project reflected Zimbabwe’s growing profile as a safe investment destination for international capital.
“The 100MW solar project planned by Convivium Africa in Zimbabwe is a significant development following the summit,” he said.
“This project aims to establish a solar power plant with a capacity of 100 megawatts, contributing to Zimbabwe’s energy sector (development) and addressing its power deficit.
“The establishment of this project involves setting up solar panels, inverters and other necessary infrastructure to harness solar energy and convert it into electricity.
“Implementation of this solar project will help alleviate Zimbabwe’s energy challenges and promote sustainable and renewable energy sources and, of course, much employment.”
Italian companies, he added, already have a solid footprint in Zimbabwe spanning agriculture, tourism and infrastructure development.
“In fact, many Zimbabweans are unaware that Tugwi-Mukosi Dam in Zimbabwe was built by an Italian company called Salini Impregilo (now Salini-Impregilo Group),” he said.
“It is one of the largest inland dams in Zimbabwe and plays a crucial role in providing water for irrigation, hydroelectric power generation and mitigating flooding in the Tugwi-Mukosi basin.
“Going forward, we should see more projects in development of roads, bridges and buildings, as well as investment in agricultural value chains and processing facilities.
“We also look forward to enhancement of tourism infrastructure and services, and collaboration in the manufacturing sector to boost industrial growth.”
He said there was a growing appetite among Italian companies to explore investment opportunities in the country.
“They have recognised the country’s potential in various sectors such as agriculture, infrastructure, tourism and renewable energy.
“Italian companies have been exploring partnerships and investing in projects that can contribute to Zimbabwe’s economic development.
“This warming trend indicates a growing confidence in Zimbabwe’s investment climate and potential returns.”
Harare and Rome were making concerted efforts to enhance trade between the two countries through initiatives such as business forums, trade missions and bilateral agreements, he added.
“Additionally, there is a mutual desire to diversify trade and explore new sectors to enhance economic cooperation, such as renewable energy, manufacturing and technology.”
Zimbabwe primarily exports agricultural commodities, minerals and textiles to Italy, while importing Italian machinery, vehicles and pharmaceuticals.
Mr Kambasha said the recent summit offered Zimbabwe an opportunity to showcase its potential as an investment destination.
“The summit provided a platform for leaders to discuss and collaborate on various issues, such as sustainable development, investment opportunities and regional cooperation.
“By participating at the summit, Zimbabwe stands to gain several benefits.
“Firstly, it allowed Zimbabwean leaders to engage in high-level discussions, promoting economic cooperation and attracting potential investments from Italian companies.”
This, he said, can contribute to the country’s economic growth.
“Additionally, the summit provided a chance for Zimbabwe to showcase its potential as an investment destination and forge partnerships with Italian businesses.”