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partners to promote projects worth over US$5,5 billion as they focus on becoming more competitive in terms of scale of operations.
This comes amid revelations that no locally domiciled company is ranked among the top 50 corporates in Africa.
In proposals tabled by local industry and business captains at the inaugural Malaysia-Africa Business Forum, which preceded the main LID sessions, local companies said they were seeking technical and financial partners to transform their operations to levels where they would compete with other corporates in Africa and the rest of the world. The country’s largest business association, the Confederation of Zimbabwe Industries
(CZI), said it was seeking to develop strategic alliances and technical partners to import US$1 billion worth of capital equipment and heavy machinery for various companies.
CZI President, Mr Joseph Kanyekanye, said other manufacturing sectors targeted were light vehicle assembly, rubber products as well as pulp and paper packaging. In the food industry, the spotlight would fall on beef and pork processing and flour milling.
The Construction Federation of Zimbabwe (Cifoz), said it is also seeking US$1 billion through strategic alliances with various infrastructure developers to support civil works. Cifoz represents more than 600 members involved in construction and infrastructure development. Local banks under the Zimbabwe Bankers Associates revealed plans to secure lines of credit worth over $2 billion. The 30-member body said it was seeking to develop banking correspondent relationships plus credit lines related to the importation of raw materials and capital equipment into Zimbabwe. Companies such as Hwange Colliery Company, Powertel, Telecontract,
ZB Financial Holdings and CBZ Holdings unveiled plans to boost operations mainly though capitalisation and capacity building.
Controlling coal deposits worth an estimated US$1,2 billion Hwange Colliery will look at recapitalising operations to the tune of US$175 million, while Powertel, a leading Internet access service provider said it had a capital expenditure backlog of more than US$100 million, which if cleared, would lead to the development of better Internet access infrastructure. Powertel said it was looking at technical and financial partnerships for delivery of optic fibre cabling, Wimax, ASDL, VSAT connectivity as well as supply and erection of base stations.
Another Internet access service provider, Telecontract, said it was looking for strategic alliances and long term financing partners to support its medium term growth plans to the tune of US$60 million. Telecontract said it was looking at investing in optic fibre cable, ASDL, VSAT connectivity and base stations.
One of the country’s largest banking group, CBZ Holdings, revealed it was seeking partners for its US$300 million capitalisation programme aimed at strengthening its mining, property development and agribusiness ventures. ZB financial Holdings proposed to secure a credit line of US$150 million for the mining and agribusiness book through the importation of capital equipment and provision of trade finance.
Emerging sport and leisure services company, Golf Zone, had an innovative proposal to establish partnerships with golf apparel manufacturers, marketing firms and golf course developers for projects worth around US$5 million.
Online Reporter