Zim open to Indian investment, says VP Chiwenga

Zim open to Indian investment, says VP Chiwenga

Source: Zim open to Indian investment, says VP Chiwenga | The Herald March 27, 2018

Zim open to Indian investment, says VP ChiwengaVP Chiwenga

Business Reporter
Vice President Constantino Chiwenga  has called on India’s private sector to consider investing in Zimbabwe and take advantage of the pro-business reform agenda in the country’s new political dispensation.

General (Rtd) Chiwenga told the 13th Confederation of Indian Industry, CII-EXIM Bank Conclave on India Africa Project Partnership that Zimbabwe has embarked on a vigorous reform agenda in order to improve the business environment.

This was part of his address to delegates attending the inaugural session of the event.

Industry, Commerce and Enterprise Development Minister Dr Mike Bimha and a  team of Government officials accompanied the Vice President to Delhi.

Dr Bimha

Minister Bimha said Zimbabwe is top of the agenda of the event, being the guest country. Indian business is expected to get insight into opportunities in Zimbabwe across various economic sectors.

“Today focus is on financing for Indian investments in Africa as well as agriculture and food processing,” Minister Bimha said yesterday, adding “tomorrow’s deliberations will include a country session with Zimbabwe being the guest country”.

Both Vice President Chiwenga and Minister Bimha will make presentations during the country session.

Minister Bimha said the Vice Presidents of Malawi and Uganda are also attending this meeting which has also brought together ministers responsible for Industry and Trade in Africa. The Delhi trip comes as Government has been on a charm offensive to market brand Zimbabwe globally since President Mnangagwa came into office in November.

In the first 100 days, President Mnangagwa has managed to stabilise the economy, re-engage with the international community and secure mega deals worth more than $7 billion including the country’s biggest deal ever, worth $4,2 billion, with Cypriot firm Karo Resources for platinum mining.

India and Zimbabwe have strong economic ties with more than 12 State visits between the two nations made between 1980 and 2015. India and Zimbabwe signed a Joint Commission Agreement in January 1987.

India has also extended foreign aid and technical assistance to Zimbabwe including skills transfer.

Some Indian companies are looking for investments in mining — coal, granite, gold and diamonds, according to the India foreign office. So far, India has been a major market for Zimbabwe’s diamonds which feed its cutting and polishing industry.

India has strong presence in the pharmaceutical sector in Zimbabwe and Indian medicines are readily available on the local market.

Surface Investment set up a multi-seed edible oil producing plant near Harare capable of producing 120 000 bottles of edible oil daily with an investment of nearly $ 1,5 million. The project is a joint venture between Midex Global Pvt. Ltd., Indore and Industrial Development Corporation of Zimbabwe on 74 : 26 sharing basis.

Indian firm Varun Beverages set up a bottling plant worth $30 million in Harare. The plant, which produces Pepsi beverages, is now operational. India also plays a critical role in various sectors of Zimbabwe’s economy including energy where, for instance, its Jaguar Overseas Limited won the contract to rehabilitate Munyati Power Station in a $113 million deal in 2015.