Russian billionaire jets into Zimbabwe for investment deal

Russian billionaire, Mr Dmitry Mazepin has arrived in the country for talks with the government this week about investment in Zimbabwe's fertiliser industry.

Agriculture is the mainstay of the economy but it has been hit hard by shortages of fertiliser with prices of the commodity being sold beyond the reach of many people.

One of the biggest producers of fertliser, Chemplex is reeling under financial challenges and its main investor, the Industrial Development Corporation (IDC) recently announced plans to sell controlling stake in the company.

Responding to the proposed plan, Mr Mazepin arrived in the country on Sunday with his main mission being to inject fresh capital in the company subject to talks by the regulatory authorities including senior government officials this week.

"We shall see but I am really serious over the plan. Russia is ready to invest in the country," noted Mr Mazepin, who is also the Chairperson of the Russia Zimbabwe Business Council.

The presence of the Russian billionaire in the country signifies commitment by some global business-players to set up projects in the country at a time the government is forging ahead with its reengagement policy.

There is also optimism that local business people will learn from strategies being used by their Russian counterparts in increasing production.