Investor confidence in Zimbabwe growing

Political Editor

INVESTOR confidence is growing in Zimbabwe as shown by the continued appetite to pour in millions in the country in various sectors of the economy, President Mnangagwa said.

Speaking at the official opening of the US$20 million Varun Beverages Zimbabwe’s water and bottles closures plants, the President assured investors of his Government’s commitment to continuously improve the ease of doing business.

“I am enthused to be with you today to commission the US$20 million fourth phase of the Varun Beverages expansion project. The fact that you have invited me to officiate at this commissioning ceremony demonstrates that you are indeed walking the talk with regards to fulfilling your pledges and commitments. It also highlights the confidence which Varun Beverages and other investors have in the progressive policies and conducive business operating environment being fostered by the Second Republic” he said.

The President added that the vibrancy of the economy, through modernisation and innovation by both Government and the private sector, bears testimony of the good and conducive policies that are in place in the economy.

“Such investment projects as the one we are witnessing today, as well as those by other investors, are quite crucial as they significantly contribute to economic growth and create employment for our citizens.

 

“The fact that Varun Beverages Zimbabwe will no longer be importing but manufacturing preforms locally, is commendable. This is in line with my Government’s policy of import-substitution and export development.

“It is my hope that this investment will translate into the production of more affordable goods, while at the same time reducing reliance on imports, which saves on the much-needed foreign currency. Going forward, the rise in production capacity will enable the company to not only cater for the domestic,” said the President.

Since 2018, after heeding President Mnangagwa’s “Zimbabwe is open for Business call”, Varun Beverages has invested more than US$1 billion in the country and its beverages have brought prices of soft drinks down.