Chronicle Editor
Roselyne Sachiti in MIDRAND, South Africa
ZIMBABWE is poised to emerge as one of the most important economies in Africa over the next five to 10 years, driven by continuous economic reforms, Indian business community in South Africa representative, Mr Praveer Tripathi, has said.
After engaging with the Zimbabwe delegation led by Vice President Kembo Mohadi on Thursday, Mr Tripathi said the energetic input of younger ministers, alongside the invaluable expertise of seasoned leaders, are critical ingredients for economic growth.
The meeting was held on the sidelines of the 12th Annual Conference of Speakers of African National and Regional Parliaments.
Mr Tripathi said Zimbabwe has consistently been an attractive destination for investment, noting that India has remained a steadfast ally to the nation even in the face of Western imposed sanctions.
“We have partnered with Zimbabwe in a number of ways including opening lines of credit,” he said.
“The Indian government has worked hand in hand with the Zimbabwean government and private sector as well.”
Mr Tripathi noted that discussions with the Zimbabwean delegation clarified many myths and misconceptions that the business community had about investing in the country.
VP Mohadi laid bare the different promotions Zimbabwe is offering, especially the one-stop investment shop and other reforms.
“Going forward, investment into Zimbabwe from the Indian private sector as well as the Indian government is going to flow more rapidly and will transform the entire business relationship between India and Zimbabwe, and Indian businesses,” said Mr Tripathi, who first visited the country in 2008.
Mr Nagaraju Gurrala, CEO of JNS Cloud Solutions that specialises in mining and logistics, expressed interest in exploring opportunities in the ICT sector, in collaboration with the Government.
“We have already established a company in Harare and we are looking forward to more interactions with the Government in upcoming technologies, artificial intelligence and how we are going to utilise these technologies in the Zimbabwean government and private sector,” he said.
Finance, Economic Development and Investment Promotion Deputy Minister, Kuda Mnangagwa, said the main objective of the meeting was to dispel any misinformation about the status of Zimbabwe’s economy.
“We have been behind the narrative and it is important that we speak to the business community, and they also speak to us to raise concerns and have more of an interactive session,” he said.
“We then went into noting and highlighting the different opportunities that are available in the different sectors of the economy from agriculture to energy, ICT, IT infrastructure, financial services, health . . . and the different markers we are witnessing on our journey to an upper-middle income society.
“It is important to track our progress to see if it is rhetoric or a reality and the numbers and results speak for themselves.”
Deputy Minister Mnangagwa said they engaged three different companies, which included those that have already set up businesses in Zimbabwe and have been facing some challenges and are now seeing more stability and growth.
The second group was that of prospective investors and the third group was those who actually wanted to hear what Zimbabwe has to offer.
“All three groups left confident that Zimbabwe is an investment destination of choice,” the deputy Minister said, adding that they have scheduled follow-up meetings in Zimbabwe for the sectors being targeted.
The newly formed Zimbabwe-South Africa Chamber, India-South Africa business group and the German business community in South Africa, Zimbabwe’s Ambassador to South Africa David Hamadziripi and Consul General Eria Phiri, attended the highly subscribed meeting.
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