Zimbabwe eyes deeper ties with China through belt and road initiative

Zimbabwe looks forward to deepening its partnership with China under the Belt and Road Initiative (BRI), anticipating extensive collaboration in economic development, said Midlands Minister of State for Provincial Affairs and Devolution, Owen Ncube, during his address at the 7th China International Import Expo 2024 International Trade and Economic Globalisation Forum in Shanghai.

Representing Zimbabwe as a foreign guest speaker, Minister Ncube expressed the nation’s commitment to strengthening its relationship with China, commending President Xi Jinping’s leadership in fostering South-South Cooperation.

"Allow me to commend President Xi Jinping for passionately spearheading South-South Cooperation, manifesting in tangible projects and programs rooted in our shared history from the liberation struggle," Minister Ncube stated. “On behalf of the Government of Zimbabwe and its resilient, peaceful people, I thank the People’s Republic of China for fostering an environment that strengthens partnerships, benchmarks growth strategies, and promotes multilateralism."

Minister Ncube highlighted Zimbabwe’s progress since 2017 under the "Second Republic," led by President Emmerson Mnangagwa, who has implemented bold policy decisions aimed at modernizing and industrializing the economy. Despite enduring decades of economic sanctions, Zimbabwe is actively pursuing multilateral development and re-engagement policies that emphasize the mantra, "Friend to all, enemy to none." The country’s open stance aims to attract both domestic and foreign investment to accelerate the goal of reaching an upper-middle-income society before 2030.

Inspired by China’s rapid economic ascent, Zimbabwe envisions substantial growth fueled by its natural resources and comparative advantages. Minister Ncube noted that Zimbabwe is rich in minerals such as gold, lithium, diamonds, and iron and boasts favorable conditions for agriculture, especially in producing high-quality tobacco and cotton. Additionally, the country offers promising opportunities for mineral beneficiation and agro-processing.

“As a member of the African Continental Free Trade Area (AfCFTA) and current chair of SADC, Zimbabwe provides investors access to markets of over 1.2 billion people with a combined GDP exceeding $3.4 trillion, plus a 365-million-strong market in SADC,” said Minister Ncube.

He also encouraged foreign investment in the Midlands Province, emphasizing its potential as Zimbabwe's “resource center,” with abundant reserves of platinum, gold, and nickel. "The province offers ample opportunities in mining, agriculture, manufacturing, construction, and tourism," he said.

With its strategic positioning in AfCFTA and SADC, Zimbabwe seeks to position itself as a gateway for investors looking to enter regional and continental markets. As the country pursues deeper ties with China under the BRI, it aims to accelerate industrialization and economic prosperity through expanded infrastructure, technology transfer, and sustainable resource utilization.