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VP Emmerson Mnangangwa

A delegation representing 50 Chinese companies would visit Zimbabwe later this month to seek business and investment opportunities in the country, Vice President Emmerson Mnangagwa has said.

The Chinese delegation is one among many potential investors from the international community that have visited Zimbabwe in recent months to seek possible opportunities.

The delegation would participate at the Zimbabwe China Investment Conference, which is penciled for month-end.

“I’m pleased to announce that a contingent of over 50 Chinese companies will be in the country at the end of this month to invest and also attend the Zimbabwe China Investment Conference to be organised by the Ministry of Macro Economic Planning and Investment Promotion in association with the Chinese embassy in Zimbabwe,” said VP Mnangagwa while officially opening the African Development Bank (AfDB) High-Level Symposium on Inclusive Growth, Investment and Poverty Reduction.

Zimbabwe and China have strong bilateral ties and President Mugabe witnessed the signing of several mega projects during a visit to Beijing in August last year.

VP Mnangagwa noted the recent influx of business and investment delegations from across the globe seeking investment opportunities in the country.

He added that the country needed to leverage on its key strengths.

“In recent months, we’ve received a good number of delegations wishing to invest in Zimbabwe. We’ve also seen Africa’s richest man [Aliko Dangote] visiting us with the intention of establishing investments in the manufacturing and power sectors. And last month we had German investors scouting for investments in Zimbabwe’s critical areas including manufacturing,” he said.

“Given that Zimbabwe’s growth potential remains enormous due to several strategic advantages such as a highly educated population, abundant natural resources, fertile land, tourism, geostrategic location along the major transport arteries, coupled with the prevailing peace and stability within the country and regionally, we need to leverage on these advantages to our benefit.”

Although Zimbabwe’s foreign direct investment (FDI) flows have been on a steady upward trend, the country still lags behind its counterparts in the region.

In 2013, Zimbabwe’s FDI amounted to $400 million, which increased to $545 million last year, latest figures from the United Nations Conference on Trade and Development (UNCTAD) show.

In comparison, last year neighbours South Africa, Mozambique and Zambia recorded FDI inflows of $5,7 billion, $4,9 billion and $2,4 billion, respectively.—BH24.