FOCAC officially opens

Fungi Kwaramba
In Beijing, CHINA

President Mnangagwa today joined 50 other African leaders for the official opening of the Forum on China Africa Cooperation (FOCAC) where Chinese President Xi Jinping pledged to help the Global South modernisation process.

In his opening remarks Cde Xi laid down a 10-point proposal to promote the modernisation and industrialisation of the African continent.
He said Beijing will open its markets to 33 least developed countries (LDCs) in Africa, which will enjoy zero tariffs on all Chinese products.
Over the next three years, China is willing to provide funding of US$50,6 billion to support its 10-point initiative.

 

 

 

The world biggest economy will also encourage Chinese companies to invest at least US$9 billion in Africa.
Soon after the opening of FOCAC, President Mnangagwa met with the owners of Bikita Minerals, who announced a US$500m-investment on a lithium smelter to be sited in Masvingo City, closer to Lake Mutirikwi.

The President also met with TBEA Corporation Executive VP Shiying Liu.
TBEA is a producer of power transformers and other electric products.