Zimbabwe warms up to more investments from China

Zimbabwe stands ready to welcome more investments from China across all sectors of the economy as Harare accelerates a sustainable and mutually beneficial modernisation and industrialisation of the two countries, President Mnangagwa has said.

The Head of State and Government said there was need to scale up efforts to broaden the scope of cooperation, investments and partnerships capitalising on the endowment of both countries.

President Mnangagwa said this during a virtual speech he made during the 2020 China (Zhejiang) Forum on China-Africa Economic and Trade Relations and China-Africa Cultural Cooperation and Exchange Week.

"Zimbabwe stands ready to receive more investments from the People's Republic of China and Zhejiang Province.

"We are determined to accelerate the modernisation, industrialisation and development of our country as well as acquire contemporary knowledge, and skills, in science, technology and new innovations," he said.

"Opportunities also exist across all sectors of our economy, such as mining value chains, agriculture, manufacturing, infrastructure development and tourism among others."

He called for the continued close and win-win relations between the two countries.

"As the current crop of leadership of Zimbabwe and the People's Republic of China, we must continue to sustain the close, win-win and mutually beneficial socio-economic, political and cultural ties for a shared future. Going forward, we must scale up efforts to broaden the scope of our cooperation, investments and partnerships leveraging on the rich endowments in both Zhejiang and Zimbabwe," he said.

President Mnangagwa said many companies from China had invested in Zimbabwe following his visit in Zhejiang province in 2018.

"In 2018, I had the opportunity and pleasure to visit Zhejiang Province. As a result of the engagements that ensued during that tour, many companies from Zhejiang Province have already invested in Zimbabwe. These developments have further consolidated and deepened the comprehensive strategic partnership which exists between China and Zimbabwe."

President Mnangagwa said lessons drawn from the Covid-19 pandemic called for countries to work together for a prosperous world.

"The lessons of the Covid-19 was instructive and a call for us to work together at various levels for the overall realisation of a prosperous and peaceful world. Our quest for a shared future for mankind, further entails that we define new frontiers of mutual trust and engagement, greater collaboration, cooperation and global strength to vault the sustainable socio-economic development, that leaves no and no place behind," he said.

The summit is a mechanism to promote diplomatic, trade, security and investment relations between China and African countries.

It provides the integrated framework governing Chinese African relations, buttressing and institutionalising support for Chinese oil companies that have become the new economic vanguard of China's diplomacy.

Zimbabwe and China enjoy good bilateral relations that date back to the liberation struggle that saw Harare attaining its independence in 1980.

The Asian giant has invested over US$2 billion in the past three years to become the largest foreign investor in Zimbabwe, with Chinese companies creating up to 100 000 jobs.

Some of the projects include the establishment of the Dinson Iron and Steel Company in Manhize, Chirimhanzu plant which is set to be Africa's biggest integrated steel plant, being spearheaded by DISCO, a subsidiary of Tsingshan Holdings, one of the world's largest stainless-steel producers.

Projects supported by the Chinese government include Kariba South Hydropower Expansion Project that was commissioned in March 2018 which increased the installed capacity to 300MW, the expansion of Hwange Power Station where Units 7 and 8 are being added, each with 300MW capacity.

Others include the upgrade of the Victoria Falls International Airport and Harare City Council Sewer and Reticulation project.