Chinese firms seek trade and investment opportunities in Zimbabwe

HARARE - Zimbabwe on Wednesday held an investment forum for a visiting business delegation from China's Anhui province that is seeking trade and investment opportunities in the country.

Zimbabwean deputy minister of industry and commerce Raj Modi urged the Chinese firms to take advantage of Zimbabwe's improving business environment to invest in various sectors of the country's economy.

He said Zimbabwe was keen to partner with Chinese firms to build its industrial capacity to export processed goods so that it can achieve its vision of becoming a middle income economy by 2030.

"I invite investors from China to partner us in the development of special economic zones and in exploring investment opportunities in Zimbabwe. I believe that the interaction between our two business delegations will bring opportunities for our two countries to foster economic and trade cooperation in various fields," Modi said while opening the investment forum.

Chinese Charge d'affaires in Zimbabwe Zhao Baogang said Zimbabwean government's commitment to reform and opening-up should encourage more Chinese companies to tap abundant investment opportunities in the southern African country.

Zimbabwean President Emmerson Mnangagwa is running on the mantra "Zimbabwe is open for business" as he seeks to woo foreign investment that is critical to the revival and growth of the economy.

Zhao said the Zimbabwean government's zero tolerance to corruption would also help lure foreign investment.

"I hope entrepreneurs from China could tap the potential of the good polices being implemented by Zimbabwe to invest in the country," he said.

Zimbabwe's trade promotion body chief executive Allan Majuru said Zimbabwe needs Chinese investment to develop its capacity to produce high-quality and sustainable exports.

The business delegation is being led by Anhui Province deputy governor Zhou Xi'an, who has since voiced China's willingness to help Zimbabwe establish an agricultural hub for value addition and beneficiation of its agricultural produce.

Meanwhile, the two sides signed Memoranda of Understanding on the construction of a dam and auto assembly plant in Zimbabwe by Anhui Shui'an Construction Group and JAC Auto, respectively.