Chinese firm urges Zimbabwe to craft laws that attract investment

Chinese firm urges Zimbabwe to craft laws that attract investment

via Chinese firm urges Zimbabwe to craft laws that attract investment March 14, 2014 in NewsDay

A CHINESE steel company Tsingsham Steel yesterday asked Parliament to come up with favourable laws and incentives to attract investment in chrome mining and urged the government to lift the ban on chrome exports.

Tsingsham Steel representative Xu Kemin made the call during a legislators’ workshop in Harare where he also pointed out that decision-making processes on investment needed to be speeded up.

“There is need for favourable mining laws and MPs must come up with the requisite legislative framework in which investors are not afraid to inject their capital in Zimbabwe,” Xu said.

“We implore that decision- making processes on issues referred to the parliamentarians should be executed very fast because time is money, and the investor many a time is made to wait longer than is necessary before a key decision is made by the government.”

Xu said companies with smelters should be allowed to export raw chrome as a bonus so that the revenue accrued from that could be channelled towards increasing smelter capacity in Zimbabwe.

He said they were also planning to construct a metallurgical industrial zone, Tsingshan Industrial Park Zimbabwe.

Speaking at the same function, Zimasco services director Roger Williams said only nine companies had chrome smelters, and six were operational in 2013 with
160 000 tonnes produced which attracted revenue of $175 million.

Williams said Zimbabwe produced 12% of the 1, 4 billion tonnes of world chrome resources, but the industry faced challenges in archaic smelters, 25% to 40% production costs going towards electricity, need for exploration and mapping system for claims and enough electricity supplies.

Energy deputy minister Munacho Mutezo said it was very difficult to get investment in electricity as it needed more than half a billion dollars, adding the country should now look at other sources like wind energy while households should help save energy by using gas for cooking.

 

COMMENTS

WORDPRESS: 5
  • comment-avatar
    Roving Ambassador 4 years

    Wind energy, where do these chaps get these ideas from .This is a minister. He forgets you need the wind to generate the power. And you only Get enough wind in August. Otherwise the scenic eastern highlands will be plastered with windmills . would we like that when we have enough capacity in Kariba for more generators.
    The problem is the finances required for long term solution have been looted .

  • comment-avatar
    Nyoni 4 years

    The problem is Zanu. Their dont take advice attitude is what is destroying us. I SAY TO ZANU TAKE ADVICE YOU CAN NOT GOVERN WITHOUT THIS. For once try and listen or are all heads stuck up the devils bum.

  • comment-avatar
    Mseyamwa 4 years

    The dumb manager syndrome is to just offer a solution even when the solution is impractical or unworkable rather than say, ‘I don’t know’ the answer or consult with peers subordinates, etc. They think blurting out an answer, any answer, is a sign of worthiness to the office. Yet it simply exposes that they are not even researching for their industry-specific solutions. By now with all the information availsble on wind power generation, the minister would know it won’t wash in Zim. But while they been stealin’ citizens have been readin’ and they can’t be lied to no more.

  • comment-avatar
    Ndebvu Mukomichi 4 years

    Look East- Get Investment and Wisdom:

    Real investors know where power lies. they understand our laws and are patient enough to wait for our decisions. Yes chrome exports will stay banned so that the prcessing takes place inside zim and creates jobs for Zimbos!

  • comment-avatar

    China is the top African target to rebuild and invest Africa!!