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Nqobile Tshili, Chronicle Reporter
ZIMBABWE and India are keen to strengthen bilateral trade relations for economic development with new opportunities emerging in digital spaces where the Asian giant has become a powerhouse in intellectual property innovations.
Government is pushing for Zimbabwe and India to improve their information communication technologies (ICTs) trade cooperation as these relations still lag behind. Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said this as she delivered her keynote address at the 17th CII-EXIM Bank Conclave on India-Africa Growth Partnership being held in New Delhi in India.
The conference which ended yesterday is designed to strengthen cooperation in the Emerging Global Digital Economy between India and African states. Minister Mutsvangwa said Zimbabwe and India trade relations date back to the precolonial era hence there is a need to strengthen economic ties. “As Zimbabwe, we are fully aware of the business opportunities this latest edition of the Conclave is offering and ushering.
My President, His Excellency Emmerson Dambudzo Mnangagwa is keenly interested to harness the full economic potential of the Dehli-Harare Axis. We are duty bound to go back to the future of the glory that was our trade links across the short Indian Ocean,” said Minister Mutsvangwa. “The President extends profound gratitude to the government and the people of the Republic of India for granting us this opportunity to deepen our bilateral relations.
This Conclave is convening at a time when two major global events are reshaping the global economy.”
She said the Second Republic was keen to tap from India’s technological advancements as it forges towards developing the country into an upper middle-income economy by 2030.
Minister Mutsvangwa said India has realised the full benefits of digital economies which has resulted in the financial inclusion for most of its citizens.. “India has demonstrated prowess in developing the intellectual property of the emerging digital economy.
It has exhibited outstanding capabilities in computer software development. The advent of the internet and digital economy has seen New Delhi harness this prowess for the goal of total national digital inclusiveness.
All digital platforms are being systematically integrated so that digital content fully replaces paper and other analogue legacy-based media foundations,” said Minister Mutsvangwa.
The Minister said Zimbabwe was also seeking partners in migrating the country’s media from analogue to digital platforms. Minister Mutsvangwa said India-Africa partnerships can also challenge the dominance of Western lending institutions that tend to suffocate African states through high interest rates. “In the meantime, global capital has since ceased to be a preserve of the mean-spirited cartels of Western finance capitals.
I had the pleasure of holding exciting discussions with EXIM Bank India.
What a far cry it was to interact without suffocating strictures and desultory lessons that are the bane of Western financial institutions.
These official commercial banks are also clearing pathways for even more abundant entrepreneurship of India’s growing private capital,” said Minister Mutsvangwa. She said human capital development is one of Zimbabwe’s major strengths as far as bilateral trade relations are concerned.
Minister Mutsvangwa said President Mnangagwa’s Government is involved in various economic development projects including production of mild steel which will be sold competitively in the market. “Zimbabwe is 30 percent complete in building Africa’s largest carbon steel plant in Mvuma-Chivhu-Manhize snug at the centre of the country.
I boldly announce that production is slated to start mid-year 2023. Our mild steel will be most globally affordable,” said Minister Mutsvangwa.
“The steel plant is perched on 20 billion tonnes of proven iron ore deposits. Essar Steel India conducted the exploration and drilling.
Nearby is 97 percent of the outstanding ferrochrome resource of the Great Dyke, the third largest chrome ore resource in the world.” She said Zimbabwe is also home to Africa’s highest quality thermal coal and metallurgical coke deposits. “The proximity of these key ingredients of mild or carbon steel to the blast furnaces will deliver knock down prices to the end product.
As I speak, rigs are now in place drilling for petroleum and gas in the Muzarabani zone of the Zambezi section of the geological African Rift Valley,” she said.
“In the last year, over US$600 million mergers and acquisitions have been executed in the lithium sector. Apart from that fact, Zimbabwe, together with the sister Republic of Mozambique are poised to become New Electric Energy Vehicle and Battery Storage manufacturing bases.”
She said Zimbabwe is also strategically positioned for trade with other countries while it has minerals that include gold, diamonds, platinum, palladium, nickel and ornamental granite among others.
“Briefly in agriculture, Zimbabwe possesses fertile and well-watered soils and enjoys a rewarding climate. The famed Dutch Institute of Tropical Agriculture famously remarked: ‘Every dropped seed sprouts in Zimbabwe.’
Harare is ready to open our African savanna so they play full part in the global food market. Over and above, the ancillary infrastructure linkages of ports, pipelines, rail, road, airports, telecommunications and all-inclusive logistical support systems that make the movement of goods and services seamless in Zimbabwe. Zimbabwe is the land-linked to both intra-SADC and global trade touting,” said Minister Mutsvangwa. – @nqotshili.
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