News / Local
China to turn Bulawayo into an economic zone
05 May 2012 at 10:06hrs | Views
Plans are underway between Zimbabwe and China to turn the city of Bulawayo into an economic zone, a development expected to revive the second capital's ailing manufacturing industry.
Minister of Economic Development and Investment Planning, Tapiwa Mashakada, told The Financial Gazette's Companies & Markets during a Zimbabwe-China Investment Seminar held at the Zimbabwe International Trade Fair (ZITF) last week that his ministry was working on signing a memorandum of understanding with China to revive industries in Bulawayo, which had witnessed the closure of 80 companies since 2010, leaving 20 000 workers jobless.
China introduced Special Economic Zones (SEZ) under Deng Xian-ping in the 1980s and the most successful SEZ is Chenzhen, which has developed from a small village into a city with a population of over 10 million in 20 years.
At the Forum on China/Africa Cooperation held in Sham el-Sheikh in Egypt, one of the resolutions passed was for China to establish 10 SEZs in Africa.
A high powered Chinese delegation made up of 170 business people were in the city last week. They sought to identify viable investment projects in the country as well as establish strategic partnerships with their Zimbabwean counterparts.
"We intend to re introduce the Special Economic Zones (SEZ) and Bulawayo has been selected as a SEZ because of its function as an industrial hub," said Mashakada.
He added that an Investors Roundtable, a platform for policy dialogue that will bring together foreign and domestic investors to dialogue with the government on business and investment opportunities, had also been initiated by his ministry.
Chinese ambassador to Zimbabwe, Xiang Shunkang, urged Chinese business people to take advantage of the economic situation and invest in housing and power plant projects in Zimbabwe.
"As one of the most important countries in Southern Africa, Zimbabwe has experienced rapid growth in the past three years and is yearning for investors. The timing could not be better. I do believe that the enterprises from China have abundant business opportunities here.
"I have to say that the Chinese delegation made the wisest decision to come here in Zimbabwe, a country which is enjoying a booming market and whose economic potentiality has not been fully tapped. I have also realized that a lot of families in Zimbabwe need houses. We can set up a joint venture to manage a housing programme for the people of Zimbabwe," said Shunkang.
"It is the first time for an event of this kind to be held and it serves as a landmark in our bilateral economic relations. I hope more and more communication like this will enhance that traditional relationship between the two countries," he added.
Minister of Economic Development and Investment Planning, Tapiwa Mashakada, told The Financial Gazette's Companies & Markets during a Zimbabwe-China Investment Seminar held at the Zimbabwe International Trade Fair (ZITF) last week that his ministry was working on signing a memorandum of understanding with China to revive industries in Bulawayo, which had witnessed the closure of 80 companies since 2010, leaving 20 000 workers jobless.
China introduced Special Economic Zones (SEZ) under Deng Xian-ping in the 1980s and the most successful SEZ is Chenzhen, which has developed from a small village into a city with a population of over 10 million in 20 years.
At the Forum on China/Africa Cooperation held in Sham el-Sheikh in Egypt, one of the resolutions passed was for China to establish 10 SEZs in Africa.
A high powered Chinese delegation made up of 170 business people were in the city last week. They sought to identify viable investment projects in the country as well as establish strategic partnerships with their Zimbabwean counterparts.
"We intend to re introduce the Special Economic Zones (SEZ) and Bulawayo has been selected as a SEZ because of its function as an industrial hub," said Mashakada.
He added that an Investors Roundtable, a platform for policy dialogue that will bring together foreign and domestic investors to dialogue with the government on business and investment opportunities, had also been initiated by his ministry.
Chinese ambassador to Zimbabwe, Xiang Shunkang, urged Chinese business people to take advantage of the economic situation and invest in housing and power plant projects in Zimbabwe.
"As one of the most important countries in Southern Africa, Zimbabwe has experienced rapid growth in the past three years and is yearning for investors. The timing could not be better. I do believe that the enterprises from China have abundant business opportunities here.
"I have to say that the Chinese delegation made the wisest decision to come here in Zimbabwe, a country which is enjoying a booming market and whose economic potentiality has not been fully tapped. I have also realized that a lot of families in Zimbabwe need houses. We can set up a joint venture to manage a housing programme for the people of Zimbabwe," said Shunkang.
"It is the first time for an event of this kind to be held and it serves as a landmark in our bilateral economic relations. I hope more and more communication like this will enhance that traditional relationship between the two countries," he added.
Source - fingaz
