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Fungi Kwaramba in SHENZHEN, China
Zimbabwe is aiming to secure additional investment deals from China, building on the success of attracting prominent Chinese companies that have invested over US$3.4 billion in various sectors of the Zimbabwean economy over the past five years.
President Mnangagwa, who arrived here yesterday, is set to tour various companies, including telecommunications giant Huawei and BYD, a leading electronic and automobile company.
BYD’s expertise is crucial for harnessing Zimbabwe’s vast lithium reserves, promoting beneficiation and value addition for maximum benefits to Zimbabweans.
As part of Zimbabwe’s modernisation and industrialisation drive, infrastructure rehabilitation is underway, with the President scheduled to meet China Rails Group officials, who have completed feasibility studies in collaboration with the National Railways of Zimbabwe (NRZ) to refurbish rail infrastructure.
In an interview, Zimbabwe’s Ambassador to China, Abigail Shonhiwa, said President Mnangagwa’s visit to China presented huge opportunities for Zimbabwe.
“The President has got a very hectic programme. We are in Shenzhen right now. He will be visiting two other provinces between today and the 2nd of September. The programme is mixed, there is business . . . he will be visiting companies as well as cultural areas.
“But tomorrow (today), he has got a busy business programme. He will be visiting companies here in Shenzhen. These include Huwaei Technologies and BYD. They are very excited with the visit from the President,” she said.
Ambassador Shonhiwa said when President Mnangagwa last visited China five years ago, he piqued the interest of Chinese companies that have since set up shop in Zimbabwe and this visit will result in more investors making their way to Harare.
“The State Visit that the President is undertaking is very important. It is coming almost five years after the last tour and if you recall the last one, it unlocked a lot of activities, a lot of investment and for us here at the mission and as a nation, we are looking forward to unlocking more investments,” she said.
Under President Mnangagwa’s leadership, Zimbabwe has witnessed a significant surge in trade with China.
Notably, Chinese private sector investments in Zimbabwe have grown exponentially, from US$445.9 million in 2019 to a substantial US$3.4 billion in 2023, representing a remarkable seven-fold increase.
In recent years, China has invested heavily in Zimbabwe, committing over US$2.2 billion to multi-billion dollar projects primarily in mining and the manufacturing sector.
The investments include US$1,5 billion in the Manhize Dinson Iron and Steel Project, the Afrochine Ferrochrome Smelters, the Sinomine Resources, Zhejiang Huayon Cobalt and Chengxin Lithium Group among others. To date, 472 investment licenses have been issued to Chinese companies, with more in the pipeline.
China’s support has solidified its position as Zimbabwe’s “all-weather friend”, with bilateral ties yielding significant benefits that also include concessional funding for projects in energy, telecommunications, agriculture, defence, and health.
The construction of Hwange Thermal Power Station Units 7 and 8 (US$997 million), Kariba South Hydro Power Station (US$533 million), the expansion of Robert Gabriel Mugabe International Airport (US$153 million), and the upgrading of Victoria Falls Airport (US$150 million), are among some of the major projects undertaken by Chinese firms.
Additionally, China has assisted Zimbabwe in building key national projects, such as the Parliament Building in Mt Hampden (US$140 million), and the National Pharmaceutical High-Performance Centre.
The two nations also cooperate extensively in health and agriculture, with China providing significant support during the Covid-19 pandemic and drilling boreholes across the country to aid Zimbabwe’s modernisation and industrialisation efforts towards Vision 2030. The President, who is accompanied by Cabinet Ministers and other senior Government officials, is also expected to visit the city of Changsha in Hunan Province and Nanjing in Jiangsu Province.
After the business engagements, he will head to Beijing, the capital of China, for a State visit. The President will later on join other Heads of State and Government for the triennial Forum on China-Africa Cooperation ( FOCAC), which will run from 4 to 6 September.
Online Reporter