COMMENT: Zimbabwe proves is a rising giant once again

THE continued investment in Zimbabwe is testimony that contrary to claims by the nation’s detractors, the country provides a good environment for investment.

Since the coming in of the Second Republic led by President Mnangagwa, the country has opened up for business guided by the Government’s “Zimbabwe Is Open for Business” mantra that has seen a number of investors pouring money into Zimbabwe.

This is part of a broad agenda by the President Mnangagwa-led Government to re-engage with the community of nations through a multi-pronged charm offensive towards retaining Zimbabwe to its former glory days of economic prosperity.

The offensive has seen the country undergoing through a transformation in its political and economic sectors among others.

Because of the conducive investment climate, Varun Beverages, the second-largest bottling company of PepsiCo’s beverages in the world outside the United States, has added another line of production at its Harare plant that will produce 60 million bottles and cans a month for local consumption and export.

The company, which exports to neighbouring countries, is already earning Zimbabwe foreign currency while at the same time creating employment directly for 2 000 people and indirectly for more than 20 000.

Varun Beverages is one of such big companies that have expressed confidence in Zimbabwe by investing in the country with President Mnangagwa, speaking at the official opening of the company’s additional plant, bottled water, and cordial production line on Wednesday, saying the project dovetails with Zimbabwe’s National Industrial Policy.

The policy seeks to promote local production of goods and commodities towards decreasing reliance on imports.

“I challenge other private sector players to take advantage of our growing economy, broadening income levels and the resultant markets to increase their investments as we move the economy up the value chains,” said President Mnangagwa noting the growth in the country’s business confidence.

“My Administration welcomes this development which is an indicator of the growing confidence this entity has in our national economic trajectory and market. The operationalisation of the production line and setting up of an additional plant is most timely not only in respect of satisfying the ever-growing local market but also with regards to the potential in the regional market.

Added the President: “The attendant increase in production will equally create more employment opportunities, increase household incomes and help in meeting the national demand for beverages. I, thus, commend Varun Beverages Zimbabwe for this forward-looking and bold business decision to invest in our jurisdiction.

“It is encouraging to note the tremendous growth that Varun Beverages Zimbabwe has undergone since 2018. This has seen the unveiling of this seventh production line which I am commissioning today. The capacity of the new plant to produce 400 bottles per minute of bottled water and cordials is commendable.

“As established investors in our country, I call upon you to be good ambassadors and tell other potential investors about the prevailing conducive business and investment climate and prospects in Zimbabwe. My Administration thus stands ready to welcome and facilitate more investments.”

In line with his open-door policy since coming to office, President Mnangagwa urged business stakeholders, through their networks and various platforms, to constantly give feedback on how the country can improve the business environment.

“By doing so, the gains achieved so far under the Second Republic will be consolidated and further inform the ongoing discourse on reforming and opening up of the economy for the benefit of both the private sector and the people of Zimbabwe as a whole,” said the President.

The chairman of R J Corp, the company that owns Varun Beverages Zimbabwe, Mr R Jaipurira, said the new plant testified to Zimbabwe’s growing status as an investment destination of choice.
“With this new expansion, we will increase our export of beverages, preforms and plastic closures to Zambia, DRC, Botswana, Malawi, and other neighbouring countries, which will bring in sizeable foreign exchange into Zimbabwe,” he said.
“We promise you that no external or internal factors will ever be able to derail us from the path of responsible environmental socio-economic business practices . . . All the above-mentioned achievements are not possible without your support. You are the true testament of how a great nation and its citizens perform.”

The continued investments prove therefore, that Zimbabwe is a rising giant whose turnaround will be accelerated if the Western countries and their allies removed illegal sanctions imposed on the country as they are standing in the way of the nation’s developmental trajectory.