News / National
Chinese investment in Zim surges
22 May 2014 at 09:33hrs | Views
Chinese investment in Zimbabwe rose by more than 5 000 percent in the past five years, with the country now among Africa's largest recipients of FDI from the world's second-largest economy.
This is according to statistics from the Chinese Embassy in Harare. Annual FDI from China increased from $11.2 million in 2009 to $602 million last year as Chinese investors largely focused on mining, agriculture and manufacturing.
Cumulatively, Chinese companies invested $1.3 billion over the past five years.
Zimbabwe's portion of Chinese investment into Africa increased from just 0.8% of $1.43 billion five years ago to 7.2% of $3.5 billion last year.
This made Zimbabwe the top recipient of China's investment in 2013, said the Embassy.
Bilateral trade in 2013 was $1.1 billion and favoured Zimbabwe, a 26 percent growth from $874 million in 2011.
China's imports were $688 million while Zimbabwe's imports from the Asian country were $414 million.
Source - herald