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30 Chinese investors Zimbabwe bound

by Staff reporter
12 Nov 2018 at 05:56hrs | Views
A high powered delegation of over 30 Chinese investors from Anhui Province is expected in the country tomorrow to explore the vast investment opportunities available in the various sectors of the economy.

Although details of the delegation's itinerary could not be established by the time of going to print, The Sunday Mail Business understands that the investors are due to meet Industry and Commerce Minister Mangaliso Ndlovu tomorrow.

An investment conference is also pencilled for Wednesday, where opportunities will be discussed.

Contacted for comment last week, Minister Ndlovu confirmed that the businesspeople will be visiting the country.

"I don't have the finer details but I had gone to China. We just arrived now. A member of the Consulate, her name is Feng, was briefing me when we met in Dubai because in China I had other businesses," said Minister Ndlovu.

"She confirmed that they (Chinese investors) will be here and I should be meeting them on Monday, and on Wednesday, we will be having an investment conference.

"You may have to check with my Permanent Secretary (Dr Mavis Sibanda) for more details."

However, Dr Sibanda could not be reached for comment by the time of going to print.

Since the coming in of the new dispensation, there has been a flurry of investment enquiries, which peaked at US$15,8 billion in the first half of the year.

The country's premier investment promotion body, Zimbabwe Investment Authority (ZIA), indicated that it received 165 business applications between January and June this year.

Work on some of the projects such as the US$4,2 billion platinum mining deal by Karo Resources have started, with yellow equipment already on site.

Negotiations are underway to compensate the more than 200 families to be affected.

Finance and Economic Development Minister, Professor Mthuli Ncube recently told Parliament that the new Government is gradually restoring business confidence in the country.

"In the first half of 2018, the Zimbabwe Investment Authority received 165 applications worth US$15,8 billion over and above the investment enquiries with various line ministries and individual companies.

"Government is pursuing various investment enquiries with the objective of increasing the external investment of US$1,8 billion anticipated in 2018 to US$2 billion anticipated in 2019," said Prof Ncube.

Zimbabwe is among the highest growing economies in Africa, with economic growth upgraded to 6,3 percent from the earlier projection of 4,5 percent.

The agriculture, mining and construction sectors are expected to spur economic growth.

The amendment of the Indigenisation and Economic Empowerment Act, which now allows foreign investors to own their projects 100 percent except in the diamond and platinum sectors, has whetted the appetite of most investors.

Investors can now wholly own value addition and beneficiation projects.

Government is working on adjusting the diamond and platinum policies.

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Source - The Sunday Mail

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