adminFirst secretary at the Indian Embassy in Harare Mr Mukesh Kumar said India was prepared to share experience and technology that has transformed the Asian country.
Mr Kumar pledged Indian companies would transform and set the local economy on a growth trajectory within five years – if the right conditions were put in place.
He was speaking at the Zimbabwe-India investment conference in Harare yesterday after the visit by an Indian business delegation to Zimbabwe.
The delegation included Minister of Industry, Commerce and Textiles Mr Anand Sharma.
Mr Kumar said it was baffling how and why a resource-rich country such as Zimbabwe regarded itself as poor and how it failed to make use of its resources.
He cited a literacy rate above 90 percent, over 40 mineral occurrences, massive agricultural potential and basic infrastructure as some of the country’s advantages.
Mr Kumar said Zimbabwe had untapped potential in agriculture, mining, manufacturing and tourism which had not been publicised to investors.
“We are committed to relations with Zimbabwe,” he said. “India is pleased to support, assist, rebuild and increase investment in Zimbabwe.”
Mr Kumar stressed the need for deeper South-South relations and, in particular, between India and Zimbabwe after the two signed a bilateral investment accord.
“You talk about potential, but nobody has so far done a (comprehensive) report on agriculture. What (exactly) is needed for this kind of investment?”
Mr Kumar said it was critical that requirements in terms of seed, fertiliser, irrigation equipment and machinery were well documented and made available to potential investors.
But he said Zimbabwe had “issues to sort out” in order to attract foreign direct investment – including negative perceptions on the country.
Zimbabwe needed policies to protect vulnerable industries such as textiles and leather to cushion them from destructive external competition.
He also urged the country to avoid “discouraging policies” such as banning raw mineral exports before operators established capacity for value addition.
There was also need to ensure ailing industries received enough technical and resource assistance from the Government during the period of rehabilitation.
Secretary for Economic Planning and Investment Promotion Dr Desire Sibanda said the visit, which follows an explorative one last year, was designed to conclude investment deals.
Zimbabwe currently has one of the lowest inflation rates in the world.
It has no exchange risk due to the use of multi-currencies and is growing fast.
The country is the logistics hub to and from North and Southern Africa, providing access to markets in South, Central, East and North Africa.
Indian delegates at the one-day business conference expressed a strong desire for investment and partnership in diamond cutting and polishing, water and energy projects, mining, manufacturing and ICTs, among other sectors.
Also on their shopping list are investments in agricultural equipment and machinery, social services, energy, road and rail infrastructure and engineering.
Online Reporter