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Stability, development attract top investors

by Staff reporter
14 Dec 2021 at 00:45hrs | Views
ZIMBABWE's stable macro-economic environment and massive infrastructure development, has helped attract the world's top 500 firms to invest in various sectors of the economy.

The stability of the economy is hinged on good leadership which has a vision to see a prosperous nation.

Speaking on the sidelines of the Zimbabwe Institute of Strategic Thinking (ZIST) symposium in Harare yesterday, Zanu-PF Secretary for Information and Publicity Ambassador Christopher Mutsvangwa, said the Second Republic was geared to achieve the upper middle income economy by 2030.

He said President Mnangagwa's policy, "Zimbabwe is open for business", had extended to the global stage.

Already, Chinese global investor, Tsingshan Holdings, which is number 279 out of the top 500 companies in the world, is investing in Zimbabwe.

"The Second Republic has a vision which has seen a stable currency and infrastructure projects which are taking shape at a scale that you cannot imagine," she said.

"We are attracting top 500 companies in the world in major industries such as steel, nickel, copper. We have a steel plant which will be running next year in December with an initial production of 1,2 million tonnes.

"If you have steel, you will build a modern country."

Ambassador Mutsvangwa said President Mnangagwa was reaching out to domestic capital starting at village level, with the launch of programmes like Pfumvudza/ Intwasa.

"He is taking it to stabilisation of the currency, that is why the national business class is so bullish about the prospects of Zimbabwe because we are filling shelves of supermarkets with Zimbabwean products because it is providing a conducive environment for the local business class.

"We have world class resources in Zimbabwe, first its people and God given natural resources in agriculture and many even in tourism," explained Ambassador Mutsvangwa.

Already, siting for a dam along Munyati River, urban planning, logistical and other infrastructural development projects are underway in what is the fruition of one of President Mnangagwa's flagship investment programmes under the ‘Zimbabwe is open for business' mantra.

The project will be carried by Tsingshan's subsidiary, Dinson Iron and Steel Company, which will be the largest steel plant in Southern Africa.

The US$1 billion investment project will have an annual turnover of US$1,5 billion from the processing plant and iron ore mine from next year.

Said Ambassador Mutsvangwa: "We are starting to have those companies putting investment in Selous for ferrochrome where Zimbabwe is world class with resources. We have attracted these companies; you go to Hwange we have the best coke and coal in Africa."

As the third leg of Tsingshan's investment in the steel sector in Zimbabwe, they will be establishing a steel plant in Manhize, with the ground-breaking ceremony already held at local level.

They are now waiting for the President to officially launch the project soon.

Ambassador Mutsvangwa said the production of steel is expected in 10 months' time, not just the 700 000 tonnes for the domestic market but another 800 000 tonnes of steel for the global and regional market.

"These company also wants to go 10 million tonnes to 20 million tonnes because the resources are there in the Manhize ranch.

"The coming in of the investor, will also boost the rail infrastructure development.

"They cannot move the product by roads; they have to move by rail. It means the revival of the railway infrastructure of the country,'' he said.

Banker Dr Nigel Chanakira said Zimbabweans should change their mind-sets and take the empowerment initiative seriously

"Let's us not look down upon ourselves, let's believe in ourselves, use our brains on empowering ourselves. Nobody will rescue us; we must have the philosophy of empowering ourselves.

"We can raise ourselves, it begins with our girl child, it begins with devolution, people in our districts, economic programmes, policies that enable those in the rural areas, an enabling environment," said Dr Chanakira.

Economist Mr Persistence Gwanyanya said Zimbabwe was moving in the right direction in terms of economic development.

The symposium was held under the topic, "Rebuilding the missing middle income class in Zimbabwe: A case for economic empowerment".

It was attended by various stakeholders.

Source - The Herald

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