adminopportunities for investment, an embassy official has said.
Indian Embassy in Harare first secretary Mr Mukesh Kumar told New Ziana that Mr Scindia would jet into the country on September 20 accompanied by a delegation of industrialists for a five-day visit.
“A delegation of industrialists in the mining, pharmaceuticals, irrigation and food processing sectors will visit Zimbabwe between September 20 and 25,” he said.
“They will be here to identify investment opportunities,” he added.
Mr Kumar said the visit demonstrated India’s growing commitment to invest in Zimbabwe as it strives to attract foreign direct investment .
He said New Delhi was particularly eager to assist Zimbabwe develop its industrial and technological base.
“The visit just shows India’s commitment to bring investment in Zimbabwe,” he said, noting that the Zimbabwean economy, currently on the recovery path, presented vast investment opportunities.
India, which provided a US$25 billion credit facility to Africa at the last edition of the Indo-Africa summit in Ethiopia, has heavily invested in various sectors of the Zimbabwean economy.
More recently, Indian conglomerate, Essar Africa Holdings, assumed control of defunct Ziscosteel (now NewZim Steel) and pledged to commit an estimated US$4 billion towards its revival.
When operational, the NewZim Steel plant would produce over 2,5 million tonnes of the product in the next three years.
Over the past five years, the Asian country has invested an estimated US$5 million towards the construction of various small to medium enterprises training centres in Zimbabwe.
The two countries have also signed a Bilateral Investment Promotion and Protection Agreement which is, however, yet to be ratified. – New Ziana.
Online Reporter