News / National
'Amendment of Indigenisation Act opens investment floodgates'
26 Jul 2018 at 07:22hrs | Views
PRESIDENT Emmerson Mnangagwa has hailed his government's decision to amend the Indigenisation Act, saying the move had opened floodgates of foreign direct investments into the country.
Speaking at the official opening of the $50 million Aluminothermic plant at African Chrome Fields in Kwekwe, Mnangagwa said the country used to attract less than $500 million investments annually, but his administration had bagged $15 billion worth of investment commitments since it came into power last November.
"I am confident that the new commitment to protect investment has ensured the flow of investment into the country.
Over the past six months, we have investment commitments into the country of $15 billion," Mnangagwa said.
He said ACF invested in Zimbabwe at a time other international investors were either fence sitting or shunning the country altogether.
"I want to commend ACF and the chairperson Zunaid Moti for their patience and persistence in investing in Zimbabwe at a time when there was low investor confidence," he said.
The company's national project liaison director, Ashraff Kaka, said their Kwekwe plant had the capacity to produce high grade chrome without using electricity.
"We will create an additional 100 jobs and we are looking to reach around 2 500 direct jobs with all our investments in the next four years as we expand investment into other areas," he said.
ACF has poured in close to $200 million into the Kwekwe plant, creating 1 300 jobs and running 15 spiral wash plants across a 30km stretch of the Great Dyke.
Mnangagwa pleaded with the electorate to vote him back into office so he could complete his economic turnaround strategies.
Speaking at the official opening of the $50 million Aluminothermic plant at African Chrome Fields in Kwekwe, Mnangagwa said the country used to attract less than $500 million investments annually, but his administration had bagged $15 billion worth of investment commitments since it came into power last November.
"I am confident that the new commitment to protect investment has ensured the flow of investment into the country.
Over the past six months, we have investment commitments into the country of $15 billion," Mnangagwa said.
He said ACF invested in Zimbabwe at a time other international investors were either fence sitting or shunning the country altogether.
"I want to commend ACF and the chairperson Zunaid Moti for their patience and persistence in investing in Zimbabwe at a time when there was low investor confidence," he said.
The company's national project liaison director, Ashraff Kaka, said their Kwekwe plant had the capacity to produce high grade chrome without using electricity.
"We will create an additional 100 jobs and we are looking to reach around 2 500 direct jobs with all our investments in the next four years as we expand investment into other areas," he said.
ACF has poured in close to $200 million into the Kwekwe plant, creating 1 300 jobs and running 15 spiral wash plants across a 30km stretch of the Great Dyke.
Mnangagwa pleaded with the electorate to vote him back into office so he could complete his economic turnaround strategies.
Source - newsday
