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Zimbabwe should position itself to receive a large chunk of the $60 billion that China will invest in Africa over the next three years, an official said on Tuesday.
Chinese ambassador to Zimbabwe Huang Ping said this at a ceremony to sign the letter of intent on co-operation between the government of Zimbabwe and the Inspur group of China to establish a computer manufacturing company in Zimbabwe.
Beijing pledged $60 billion in loans and grants to Africa over the next three years at the Sixth Forum on China-Africa Co-operation (Focac) held in South Africa last week.
At the summit, Chinese President Xi Jinping also unveiled a 10-point economic plan for Africa, to be financed by the multi-billion dollar three-year financing facility, which Beijing hopes will help the continent advance its ambitious Agenda 2063 development blueprint.
The plan includes financial support for, among other things, industrial, agricultural and infrastructural development in Africa.
Agenda 2063 envisions large scale industrialisation across Africa anchored on value addition and beneficiation of Africa’s vast natural resources.
Huang said the two-day state visit by President Xi last week had greatly strengthened Sino-Zim relations and Zimbabwe should leverage on this to attract more investment from China.
“We have to work together and harder to make sure that the traditional good friendship between our two countries,” he said.
“We should make sure to transfer this friendship into more tangible co-operation as to bring more benefits to our people and our countries and make sure we get a large share from this $60 billion basket that China is going to invest in Africa.
“We should make sure to transfer this friendship into more tangible co-operation as to bring more benefits to our people and our countries and make sure we get a large share from this $60 billion basket that China is going to invest in Africa.”
Beijing has stepped up its economic co-operation with Harare and recently agreed to fund 12 investment projects running into billions of dollars covering different sectors of the Zimbabwean economy.
The deals include financing for the expansion of Hwange Power Station, construction of a new Parliament building and a pharmaceutical warehouse, expansion of a national fibre optic broadband project and provision of wildlife monitoring equipment.
Zimbabwean and China also agreed to cooperate in the aviation sector and in promoting investment. — New Ziana.
Online Reporter