Chronicle Editor
Pride Mahlangu, Business Reporter
ZIMBABWE is poised to be the next frontier for investment in Africa riding on the ongoing ease of doing business reforms being rolled out by President Mnangagwa’s administration, Industry and Commerce Deputy Minister, Raj Modi, has said.
The Government of Zimbabwe has put in place policies and strategies, which include the Zimbabwe National Industrial Policy, National Export Strategy, Leather Strategy, Cotton and Clothing Strategy and Pharmaceutical Strategy. Zimbabwe has also designated Special Economic Zones areas to facilitate both foreign and domestic investment through special incentives.
Speaking in India where he attended the just-ended Zalawad Federation of Trade and Industries Global Exhibition, Modi urged Indian companies to exploit the lucrative investment opportunities being offered by Zimbabwe. He said Indian-owned firms operating in the country were already showing confidence in the economy.
“Africa and Zimbabwe, in particular, is the next frontier for investment and is open for business,” said the Deputy Minister. He said investments by Indian companies was of steady growth with Zimbabwe ranked 8th in Africa out of 53 countries in terms of investment by India after Mauritius, South Africa, Nigeria, Ethiopia, Egypt, Sudan and Tanzania.
The Deputy Minister said Indian companies that have invested in Zimbabwe included; Surface Investments, ETG, Graffax Cotton Private Limited, PM Electronics, Technofab Engineering Ltd, Indure Private Ltd, Varun Beverages Zimbabwe Ltd and ZimGold.
“Indian companies can take advantage of the Joint Trade Committee(JTC) meetings between the two countries,” he said.
The second session of the Zimbabwe-India Joint Trade Committee meeting was held in Harare where ministers of industry and commerce from the two countries attended.
“During the JTC meeting, Zimbabwe presented potential joint venture projects under IDC for consideration by the Indian side,” said Modi.
“These include cotton spinning and weaving, Avocado processing and multi-fruit processing, container glass manufacturing.”
Other projects under consideration include Harare’s Sunway City’s high-tech park and the medical park. There is also the Sulphuric Acid plant where plant rehabilitation and new designs are being worked. The other one is Zimphos’ Phosphoric Acid Plant focusing on plant rehabilitation for Sulphuric and phosphoric acid plants.
The expo began on Friday last and ended on Sunday. — @pridesinstinctz.
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