News / National
War vets get stake in car manufacturing venture
08 Dec 2015 at 04:05hrs | Views
War veterans have acquired 19 percent stake in a joint venture company between AVM Africa Limited and BAIC Automotive Group of China, a development that is expected to improve their standards of living when the company is fully operational.
The joint venture agreement between the Zimbabwean firm and the Chinese company was signed last week during Chinese President Xi Jinping' State visit here.
BAIC Automotive Group of China is acquiring a 51 percent stake while AVM Africa Limited will remain with 30 percent and the remainder goes to the war veterans.
The war veterans company falls under the Ministry of Welfare Services for War Veterans, War Collaborators, Former Political Detainees and Restrictees headed by Minister Christopher Mutsvangwa.
AVM Africa Ltd group executive chairperson, Mr Kenneth Musanhi, confirmed the deal to The Herald.
"Under the deal, BAIC will get 51 percent and 49 percent will be shared between AVM Africa Limited and a company of the war veterans under the Ministry of War Veterans where AVM will take 30 percent and the war veterans 19 percent," he said.
Minister Mutsvangwa said Cabinet approved the deal that was one of the ministry's strategies to empower liberation fighters.
"The initiatives enjoy the full support of our Patron, His Excellency President Mugabe," he said.
"War Veterans do stand out among the populace as visionary patriots. They have an enviable national network emanating from their shared bonds of the historic fight for freedom.
They are also the most organised, disciplined and trustworthy lot.
"My executive is committed to improve the livelihoods of their members, the surviving spouses and their children. I am keen to leverage my international business exposure to forge business links with competent global enterprises."
Minister Mutsvangwa said his ministry and the Zimbabwe National Liberation War Veterans Association wanted to improve livelihoods of war veterans some of whom were struggling to make ends meet.
"We want to be at the forefront in taking advantage of new statutes on Special Economic Zones and industrial parks.
"Educated Zimbabwe labour force will easily close the skills gap to produce global brand quality products for the discerning world market. This is our new path to jobs galore under Zim-Asset and national economic revival.
"A trust is being set up in close consultation with the Patron (President Mugabe) so mistakes of the past like the ZEXCOM misadventure can be avoided," said Minister Mutsvangwa.
The joint venture agreement between the Zimbabwean firm and the Chinese company was signed last week during Chinese President Xi Jinping' State visit here.
BAIC Automotive Group of China is acquiring a 51 percent stake while AVM Africa Limited will remain with 30 percent and the remainder goes to the war veterans.
The war veterans company falls under the Ministry of Welfare Services for War Veterans, War Collaborators, Former Political Detainees and Restrictees headed by Minister Christopher Mutsvangwa.
AVM Africa Ltd group executive chairperson, Mr Kenneth Musanhi, confirmed the deal to The Herald.
"Under the deal, BAIC will get 51 percent and 49 percent will be shared between AVM Africa Limited and a company of the war veterans under the Ministry of War Veterans where AVM will take 30 percent and the war veterans 19 percent," he said.
Minister Mutsvangwa said Cabinet approved the deal that was one of the ministry's strategies to empower liberation fighters.
"The initiatives enjoy the full support of our Patron, His Excellency President Mugabe," he said.
"War Veterans do stand out among the populace as visionary patriots. They have an enviable national network emanating from their shared bonds of the historic fight for freedom.
They are also the most organised, disciplined and trustworthy lot.
"My executive is committed to improve the livelihoods of their members, the surviving spouses and their children. I am keen to leverage my international business exposure to forge business links with competent global enterprises."
Minister Mutsvangwa said his ministry and the Zimbabwe National Liberation War Veterans Association wanted to improve livelihoods of war veterans some of whom were struggling to make ends meet.
"We want to be at the forefront in taking advantage of new statutes on Special Economic Zones and industrial parks.
"Educated Zimbabwe labour force will easily close the skills gap to produce global brand quality products for the discerning world market. This is our new path to jobs galore under Zim-Asset and national economic revival.
"A trust is being set up in close consultation with the Patron (President Mugabe) so mistakes of the past like the ZEXCOM misadventure can be avoided," said Minister Mutsvangwa.
Source - the herald
