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Mnangagwa to meet investors in Russia

by Staff reporter
20 Oct 2019 at 23:41hrs | Views
President Mnangagwa will this week attend the Russia-Africa Summit in Sochi, Russia, where he is expected to meet Russian investors from Alrosa and Great Dyke Investments (GDI).

The engagements are expected to give fillip to the two projects that are key to economic revival. Several African Heads of States and Government will attend the inaugural Russia-Africa Summit, which is earmarked to enhance co-operation between Africa and Moscow.

The two-day summit ends on Thursday, with the first day exclusively dedicated to business.

Zimbabwe's chief envoy to Russia Ambassador Mike Sango confirmed the President's itinerary to The Sunday Mail.

"During the summit, His Excellency President ED Mnangagwa will meet with investors of Great Dyke Investments and Alrosa with a view to give impetus to the implementation of the two mega projects. Other meetings with the President in energy, mining and manufacturing sectors have been organised," he said.

"The success of the two mega projects are critical in attracting other Russian investors. Where big business succeeds, smaller players follow. But, if they fail, no other business will enter that market.

"It is, therefore, important that these two investors succeed, otherwise other businesses will shy away from the Zimbabwe market."

Ambassador Sango said the mining projects by the Russian investors naturally have a long gestation period.

"The two projects, by virtue of their qualitative financial magnitude or complexity, take time to consummate.

"It is, therefore, critical that all due processes are meticulously done to avoid future conflict or misunderstandings."

President Mnangagwa is also expected to address a business forum, where he will pitch the country's business case to potential investors.

The President would also give a keynote address to the business round-table organised in conjunction with Business Russia, an all-Russia public organisation.

According to Ambassador Sango, Zimbabwean companies will also take part at the summit.

"Russia has moved forward in terms of manufacturing and mining technologies. (They) are among global leaders of energy technologies. These are the areas that the embassy (of Zimbabwe in Russia) has encouraged our sectors to look at more seriously," he said.

The recent establishment of the Russia-Zimbabwe Business Council, he added, has created a platform for continuous interaction between businesses from both countries.

Russia has a strong bond with African countries that can be traced to the time the continent was fighting for independence from colonisation.

Source - sundaymail

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