US conglomerate angles for Zim investment

A UNITED States-based business conglomerate, General Electric, has shown interest in investing in the country's aviation, health and energy sectors.

Senior representatives from the US giant landed in the country on Tuesday, fulfilling the US Embassy's pledge that several of its country's companies and congressmen would be visiting the country in the next few weeks to explore investment opportunities.

The company's key investment segments include power, renewable energy, oil and gas, aviation, healthcare, transportation, energy connections and lighting, and capital. As of December 31, 2016, General Electric (GE) served customers in approximately 180 countries. The firm's officials on Tuesday paid a courtesy call on the Parliamentary Portfolio Committee on Mines and Energy where they highlighted the areas they wanted to invest in. The portfolio's chairperson and Norton MP, Mr Temba Mliswa, said his committee was impressed that conglomerates were showing interest in investing in the country.

"It's awesome. It only shows that they have embraced the new dispensation. We are no longer going to have any dealers coming to this country but real business people, people who own multinational companies, who, when they come they bring value and leave value for the country," said Mr Mliswa.

He said GE has analysed the risk associated with investing in the country hence its commitment to sending its officials on the ground. Mr Mliswa said the multinational company has shown interest in aviation, health and energy sector.

"This will assist the country from an economic point of view, a major turnaround because when GE comes around it's a total package. GE could not have come to this country if it was not a country they believe is of good value. They are people who conduct proper analysis when they come to the ground, they are ready," said Mr Mliswa.

"They came before the portfolio and that is what we want. Any legitimate company must not shy away from any relevant portfolio. They have been involved in the supply of transformers for the Kariba project while the Chinese were just building. They supplied all the electric motors. GE is big, they are into aviation, health, energy. They want to invest in aviation, health, energy," he said.

Mr Mliswa said his portfolio committee has already recommended GE to the Ministry of Energy and Power Development to assist them in their endeavours.

"We're very clear… we've recommended them to the relevant ministry to go and talk to them. When there is an investment happening in this country, we will always ask the relevant ministry whether they considered them or not," he said.

Mr Mliswa said it was the portfolio's interest to see the country breaking with the past where dealers were getting tenders for serious projects instead of those deals being awarded to legitimate investors.

"Because we don't want a situation we are seeing with Mr Chivayo (Wicknell) where people don't even know who owns the company, we have shareholders who are telling us that 'no, he is not shareholder'," he said.

"With GE we don't have to go through that. We need to have legitimate people coming in as much as Zimbabweans must be empowered, they must also work with these companies and GE must work with Zimbabweans on the ground."