News / National
Indian firm to set up shop in Bulawayo
29 Nov 2018 at 11:30hrs | Views
A LEADING Indian plastic products manufacturing company, Kanku International, plans to set up shop in Bulawayo, Zimbabwe's second largest city, responding positively to President Mnangagwa's call for foreign investment.
In an interview on Tuesday, Mr Mukesh Kothari, the managing director of Kanku International, said he has decided to open the company, which manufactures water containers for industrial and household uses, in Bulawayo because the city has been designated as a Special Economic Zone for the manufacturing sector.
"I have been following developments in Zimbabwe. I am aware that Bulawayo was once the industrial hub of Zimbabwe but it has been hard hit by de-industrialisation. The new Government has said Bulawayo will be a Special Economic Zone where most manufacturing must take place. So, I think Bulawayo is the best place to open the factory," he said.
"We will do that early next year. I will be in Zimbabwe before the year ends or at the beginning of December. Zimbabwe is open for business, so I want to do business. I already have a plant in Malawi but I always wanted Zimbabwe because it is strategically located. A factory in Zimbabwe will enable me to supply many countries in Africa. The country has a good transport network and its roads connect to many African countries."
The Deputy Minister of Industry and Commerce, Raj Modi, who is here on a business visit, said the company, which is headquartered in the United Arab Emirates, will not only create jobs but will bring foreign currency to Zimbabwe.
"Kanku is a global company and its decision to come to Zimbabwe cements that position. I am happy that it has chosen Zimbabwe because our people need jobs, many will be employed. We also have a shortage of foreign currency in Zimbabwe. The only way to boost our foreign currency reserves is to increase production and export," said Modi.
"Kanku will help us get foreign currency but it won't be enough. We need more investors to come and manufacture in Zimbabwe. The Government of Zimbabwe will always embrace manufacturers because they help develop our country and they create jobs for locals."
Mr Kothari said the Government's resolution to allow foreign investors to retain 100 percent ownership of their investments in Zimbabwe makes the decision to invest in Bulawayo attractive.
"The support of the Government of Zimbabwe and their assurance that our investments are safe in the country was instrumental in influencing us to come to Zimbabwe. The good thing is that it is a new Government so we know that our investment will be safe," he said.
In an interview on Tuesday, Mr Mukesh Kothari, the managing director of Kanku International, said he has decided to open the company, which manufactures water containers for industrial and household uses, in Bulawayo because the city has been designated as a Special Economic Zone for the manufacturing sector.
"I have been following developments in Zimbabwe. I am aware that Bulawayo was once the industrial hub of Zimbabwe but it has been hard hit by de-industrialisation. The new Government has said Bulawayo will be a Special Economic Zone where most manufacturing must take place. So, I think Bulawayo is the best place to open the factory," he said.
"We will do that early next year. I will be in Zimbabwe before the year ends or at the beginning of December. Zimbabwe is open for business, so I want to do business. I already have a plant in Malawi but I always wanted Zimbabwe because it is strategically located. A factory in Zimbabwe will enable me to supply many countries in Africa. The country has a good transport network and its roads connect to many African countries."
The Deputy Minister of Industry and Commerce, Raj Modi, who is here on a business visit, said the company, which is headquartered in the United Arab Emirates, will not only create jobs but will bring foreign currency to Zimbabwe.
"Kanku is a global company and its decision to come to Zimbabwe cements that position. I am happy that it has chosen Zimbabwe because our people need jobs, many will be employed. We also have a shortage of foreign currency in Zimbabwe. The only way to boost our foreign currency reserves is to increase production and export," said Modi.
"Kanku will help us get foreign currency but it won't be enough. We need more investors to come and manufacture in Zimbabwe. The Government of Zimbabwe will always embrace manufacturers because they help develop our country and they create jobs for locals."
Mr Kothari said the Government's resolution to allow foreign investors to retain 100 percent ownership of their investments in Zimbabwe makes the decision to invest in Bulawayo attractive.
"The support of the Government of Zimbabwe and their assurance that our investments are safe in the country was instrumental in influencing us to come to Zimbabwe. The good thing is that it is a new Government so we know that our investment will be safe," he said.
Source - chronicle
