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Chinese delegation invades Bulawayo

by Staff reporter
22 Oct 2019 at 07:16hrs | Views
A CHINESE business delegation is in the country to explore business opportunities in different sectors under the Special Economic Zones (SEZs) initiative being implemented across Zimbabwe.

Government has designated Harare, Bulawayo, Mutare and Victoria Falls under the SEZs and pilot projects under the model are at different stages of implementation in the above-mentioned areas.

According to an internal correspondence from the Zimbabwe Special Economic Zones Authority (Zimseza), seen by Business Chronicle, the prospective investors from the Asian giant economy were at Sunway City in Harare yesterday and will be in Mutare today, Bulawayo tomorrow and Beitbridge on Thursday.

"The International Co-operation Centre of National Development and Reform Commission (ICCNDRC) from the People's Republic of China will be in the country from October 21, 2019. "They intend to visit some economic zones and industrial parks (Sunway City, Mutare, Bulawayo and Beitbridge)," reads part of the correspondence from the authority.

It said the delegation was scouting for the possibility of co-operating with local investors in establishing a pithead power station, using electric energy for primary processing of mining industry products and advantages of the industrial parks in developing other production/processing industries.

Under the SEZ concept, Bulawayo has been designated as the industrial hub of Zimbabwe with a view to restore the industrial status of the city.

As part of progress towards the implementation of the SEZs programme, early last month Zimseza announced that it had come up with an action plan to set the tone for the operationalisation of the economic zones in the city. The action plan shows the scope of work that needs to be implemented by service providers.

In Bulawayo, SEZs will be established in Belmont Industrial site under the sector-specific model while the Umvumila area will be under the area-specific model.

Government has declared Victoria Falls as a tourism and financial hub of the country while Sunway City in Harare will focus on high technology. Mutare will focus on diamond cutting and polishing.

Meanwhile, Government has come up with incentives for investments that operate under the SEZs. Such incentives among others, include zero-rated corporate income tax for the first five years of operation with a corporate tax rate of 15 percent applying thereafter, duty free importation of capital equipment, and a special initial allowance of 50 percent of cost from year one and 25 percent in the subsequent two years.

Source - chronicle

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