Chinese firm sign MoU to kick-start SEZs in Victoria Falls

THE Government and China Machinery Engineering Company have signed a Memorandum of Understanding to kick-start the implementation of the Victoria Falls Special Economic Zone as mega deals signed between Zimbabwe and China continue to bear fruits.

The special economic zones, identified in Harare, Bulawayo and Victoria Falls, are expected to attract Foreign Direct Investment.

Victoria Falls is earmarked for development as a hub for tourism, leisure and financial business.

Minister of Policy Co-ordination and Promotion of Socio-Economic Ventures in the President's Office Simon Khaya Moyo signed the MOU on behalf of Government while Mr Cao Yang represented CMEC, a State-owned entity.

Min Khaya Moyo said the special economic zones were expected to stimulate economic growth.

"The signing ceremony marks the beginning of a new trajectory in our national development agenda, in line with the objectives of ZimAsset and the Ten-Point Plan as enunciated by President Mugabe," he said.

"Another partner has already been identified for the development of the special economic zone in Harare and the partner will be revealed to you at the appropriate time when we have a signing ceremony of a similar nature."

Min Khaya Moyo said the next step in the implementation of the Victoria Falls project would be the formation of a joint venture company between the two parties.

"This joint venture company will comprise the Victoria Falls Town Council, Mosi oa Tunya Development Company and CMEC," he said.

"Once the joint venture company is in place in line with the JVC Act, the company will be expected to prepare a comprehensive master plan for the development of the special economic zone as well as prepare timelines for the implementation."

He added: "The implementation of the special economic zone will not be exclusive to the joint venture company but will entail collaboration with other key stakeholders in Government, private sector as well as communities living in the vicinity of Victoria Falls. The master plan will guide this collaboration.

"Let us move with speed in the implementation of this project but mindful of the fact that we have to maintain our flora and fauna in the Victoria Falls environments in line with our national heritage site status."
Min Khaya Moyo said the engagement of CMEC was done after "thorough consultation" with the Chinese embassy in Harare.

The company has vast experience in the implementation of special economic zones in China.

Deputy Chief Secretary in the Office of the President and Cabinet Retired Colonel Christian Katsande said: "We are delighted that no so long ago we were in China seeing for ourselves what has happened there. We saw concrete results of the reform agenda that China implemented over the past years.

"We are delighted that you are now coming in as a partner and you now have a big challenge to help us achieve what we desire as a nation. We will work with you and be supportive."

Mr Cao said Zimbabwe and China's partnership had brought "innumerable" achievements in social, economic and political sectors.

"I am proud to say CMEC is experienced in the development of special economic zones and is willing to join with the Government of Zimbabwe to develop Victoria Falls into a new successful economic zone," he said.

"The Victoria Falls was declared a World Heritage Site for being one of the most spectacular waterfalls in the world, with gorgeous nature resources, we are going to help develop, construct and operate infrastructure, tourism and hospitality industries through this project to appeal to more visitors, attract more investments and stimulate the economy."

Victoria Falls Mayor Councillor Sifiso Mpofu was also part of Thursday's signing ceremony.