News / Local
Egyptian investors to open fertiliser plant in Zimbabwe
12 Oct 2023 at 06:21hrs | Views
A delegation of Egyptian investors met with President Mnangagwa in Harare, expressing a strong interest in establishing a fertilizer plant in Zimbabwe. The signing of a Memorandum of Understanding (MoU) is expected in the near future as investor confidence in Zimbabwe continues to rise. The Egyptian delegation, representing Polyserve Fertiliser and Chemical Group, left the meeting with President Mnangagwa feeling motivated to expedite the investment.
Dr. Sherif El Gabaly, Chairman of Polyserve Group, expressed gratitude to the President for their reception and shared their intentions to develop the phosphate fertilizer industry in Zimbabwe. He expressed confidence in the country's potential to foster a thriving industry with their expertise and collaboration with local partners. President Mnangagwa encouraged their initiative, further motivating the delegation to accelerate the project's progress.
Dr. El Gabaly mentioned that, as per their initial projections, Phase One of the project was expected to be completed in three years. However, the President encouraged them to shorten that timeline. The Egyptian delegation is keen to get started and will work on establishing the MoU and initiating the project promptly.
Dr. El Gabaly noted that the specific capital required for the project would be determined after a comprehensive consultancy to assess the scale of investment needed.
Earlier, the Polyserve delegation met with Vice President Constantino Chiwenga, who assured them of the government's unwavering commitment to making the envisaged investment a reality. Polyserve is a prominent Egyptian company that has expanded its reach to markets in Europe, Asia, Africa, and Latin America.
The delegation's visit to Zimbabwe follows a meeting between President Mnangagwa and his Egyptian counterpart, President Abdel Fattah Al-Sisi, on the sidelines of the African Development Bank meetings in May.
Fertilizer manufacturing is a crucial sub-sector in Zimbabwe's economy, given the significance of agriculture as one of the country's key economic pillars, alongside mining and tourism. The Egyptian company's interest is expected to bolster Zimbabwe's agricultural and economic development strategy.
Dr. El Gabaly discussed the cooperation in the field of phosphate fertilizers, highlighting their intention to manufacture in Zimbabwe in collaboration with the Zimbabwean government. The Vice President will appoint a working group to facilitate the implementation of this project.
Dr. El Gabaly, who also chairs the African Affairs Committee in the Egyptian Parliament, emphasized the historic relations between the two countries, dating back to Zimbabwe's liberation struggle. Vice President Chiwenga stressed the Second Republic's commitment to achieving local beneficiation, value addition, and enhancing the value chain for the local, regional, and international markets. The partnership with local fertilizer companies will involve upgrading or replacing equipment and introducing new technology to position Zimbabwe as a leading producer of basal fertilizer and a regional hub.
Dr. Sherif El Gabaly, Chairman of Polyserve Group, expressed gratitude to the President for their reception and shared their intentions to develop the phosphate fertilizer industry in Zimbabwe. He expressed confidence in the country's potential to foster a thriving industry with their expertise and collaboration with local partners. President Mnangagwa encouraged their initiative, further motivating the delegation to accelerate the project's progress.
Dr. El Gabaly mentioned that, as per their initial projections, Phase One of the project was expected to be completed in three years. However, the President encouraged them to shorten that timeline. The Egyptian delegation is keen to get started and will work on establishing the MoU and initiating the project promptly.
Dr. El Gabaly noted that the specific capital required for the project would be determined after a comprehensive consultancy to assess the scale of investment needed.
The delegation's visit to Zimbabwe follows a meeting between President Mnangagwa and his Egyptian counterpart, President Abdel Fattah Al-Sisi, on the sidelines of the African Development Bank meetings in May.
Fertilizer manufacturing is a crucial sub-sector in Zimbabwe's economy, given the significance of agriculture as one of the country's key economic pillars, alongside mining and tourism. The Egyptian company's interest is expected to bolster Zimbabwe's agricultural and economic development strategy.
Dr. El Gabaly discussed the cooperation in the field of phosphate fertilizers, highlighting their intention to manufacture in Zimbabwe in collaboration with the Zimbabwean government. The Vice President will appoint a working group to facilitate the implementation of this project.
Dr. El Gabaly, who also chairs the African Affairs Committee in the Egyptian Parliament, emphasized the historic relations between the two countries, dating back to Zimbabwe's liberation struggle. Vice President Chiwenga stressed the Second Republic's commitment to achieving local beneficiation, value addition, and enhancing the value chain for the local, regional, and international markets. The partnership with local fertilizer companies will involve upgrading or replacing equipment and introducing new technology to position Zimbabwe as a leading producer of basal fertilizer and a regional hub.
Source - The Herald
