ED readies for Russia-Africa summit as investment momentum gathers pace
PRESIDENT Mnangagwa will this week attend the Russia-Africa summit in Sochi, where he is expected to meet Russian investors i n c lu d i n g those behind the Darwendale Great Dyke
P l a t inum and the world’s largest diamond company Alrosa.
The mission to Russia is expected to give a boost to the two projects which are key to economic revival as Great Dyke is firming up the platinum project while Alrosa is geared to transform the country’s d iamond industry.
Several African Heads of States and Governments h a v e confirmed attendance at the first-ever Russia-Africa summit, that is earmarked to enhance co-operation between Africa and the world’s largest country. The summit runs from Wednesday to Thursday with the first day dedicated exclusively to business.
Zimbabwe’s chief envoy to Russia Ambassador Mike Sango confirmed to our Harare Bureau that President Mnangagwa will meet Great Dyke and Alrosa investors, in engagements expected to snowball other potential investments from Russia.
“During the Summit H.E President E D Mnangagwa will meet with investors of Great Dyke Investments and Alrosa with a view to give impetus to the implementation of the two mega projects. Other meetings with the President in energy, mining and manufacturing sectors have been organised.
“The success of the two mega projects are critical in attracting other Russian investors. Where big business succeeds, smaller players follow. But if they fail no other business will enter that market.
“It is, therefore, important that these two investors succeed, otherwise other businesses will shy away from the Zimbabwe market. The two projects, by virtue of their qualitative financial magnitude or complexity, take time to consummate. It is, therefore, critical that all due processes are meticulously done to avoid future conflict or misunderstandings.”
Ambassador Sango said President Mnangagwa would address a business forum where he is expected to sell the Zimbabwe is Open for Business mantra to a host of potential investors. The President would also give a keynote address to the business round table organised in conjunction with “Business Russia”, an All Russia Public Organisation.
According to Ambassador Sango, Zimbabwean companies will also take part at the summit where they are expected to open business networks.
“Russia has moved forward in terms of manufacturing and mining technologies. (They) are among global leaders of energy technologies. These are the areas that the Embassy (of Zimbabwe in Russia) has encouraged our sectors to look at more seriously,” he said.
Zimbabwe’s chief diplomat to Russia said the recent establishment of the Russia-Zimbabwe Business Council has created a platform for continuous interaction between businesses from both countries. Russia has a strong bond with African countries that can be traced to the time the continent waged a struggle against colonisation.