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Fungi Kwaramba in BEIJING, China

TO drive modernisation and business growth, African countries must continuously address knowledge gaps while businesses from both the continent and China must scale up dialogue on trade and cooperation, President Mnangagwa stated.

President Mnangagwa, who also serves as SADC Chairman, urged Chinese businesses to invest in Zimbabwe, highlighting the country’s highly skilled human capital and rich mineral resources. 

Addressing the 8th Conference of Chinese and African Entrepreneurs, President Mnangagwa, who concluded his hectic tour of duty yesterday and is expected home today, told Chinese investors, “This is the best time to invest in Zimbabwe.”

“Reforms and robust people-centred policies have seen Zimbabwe well on its way towards realising our national vision of a thriving and open economy with an empowered and prosperous upper-middle-income society by 2030. An average rate of growth of 6,8 percent between 2021 and 2023 was achieved, becoming the highest in the Southern Africa region. This is the best time to invest in Zimbabwe or partner with local business enterprises.

“With a highly literate population and skilled human capital, we are fast becoming a knowledge-driven and industrialising country. Coupled with an abundant and diverse, rich mineral resource base, Zimbabwe is a favourable destination for investments in high-tech industries, new energy components, and equipment,” he said.

Apart from that, the President also invited Chinese entrepreneurs to consider investing in research and development. 

“Be it in engineering fields or biomedical industries, ICT or new-energy sub-sectors. Other opportunities for investments and partnerships from the People’s Republic of China include mining, agriculture, infrastructure development, manufacturing, services, transport, and tourism,” the President told the forum that was also attended by Chinese Premier Li Qiang.

Specifically, the President invited Chinese companies to consider the country’s diversified mining and agriculture sectors, which he said provide investors and entrepreneurs the opportunity to participate in manufacturing for “Made in Africa” goods and products towards moving up the global value chains. 

“We are centrally located in the southern African region with connectivity for north and south-bound trade. Favourable incentives are available for all investments.”

The President added that Zimbabwe is a safe, secure, and profitable investment destination and a competitive trading partner. 

“I look forward to seeing you in Zimbabwe to visit, explore, and partner with us as we march forward towards inclusive growth, mutually beneficial prosperity, and building a community of a shared future.”

According to the International Trade Centre, total trade between China and Africa amounted to a record US$284 billion in trade volumes in 2023. But there is, however, a lot more to do to maximise this enormous potential of the combined China-Africa bloc, which accounts for a third of the world’s population, the President observed.

“In the case of Zimbabwe, China accounts for 18 percent and 15 percent of Zimbabwe’s exports and imports, respectively. We stand ready to leverage the prospects presented by the new Partnership Initiatives under FOCAC, especially in relation to the support and prioritisation of Africa’s industrialisation, energy, and trade to accelerate our country’s ongoing national development, modernisation, and industrialisation agenda,” said President Mnangagwa.

The President said the realisation of the Beijing Action Plan (2025-2027) and detailed Ten Partnership Initiatives offer, among other aspects, immense possibilities for investments, business-to-business collaboration, and partnerships characterised by shared growth. However, he said achieving the aspirations and targets set at the Forum on China Africa Cooperation (FOCAC) will take collective efforts that involve governments as well as the private sector, along with the broader ecosystems of SMEs and those in the science, technology, and innovation space.

“To drive modernisation, overall business, and economic growth in Africa, it is critically important that we continuously address knowledge gaps. I challenge both Chinese and African enterprises to scale up dialogue and engagements on aspects to do with trade, industrial and value chain development, including in emerging industries, such as robotics, virtual reality, 5G networks, blockchain technology, and artificial intelligence, among others. 

“This must ultimately close the modernisation gap, as we walk together side by side into a more prosperous Global South. Africa’s transition to contemporary skills and technological trends must be able to ride on the shoulders of Chinese enterprises that have gone ahead.”

President Mnangagwa said such synergies will provide the bedrock upon which Africa and China can better understand each other and forge concrete business partnerships that expand economic cooperation for mutual benefit. The Beijing Action Plan to be implemented in the next three years covers the areas of mutual learning among civilisations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, healthcare, rural revitalisation and people’s wellbeing, people-to-people exchanges, green development, and common security, according to the action plan.

To ensure the successful implementation of the 10 partnership initiatives, China will provide Africa with US$50,69 billion in the next three years. Per the action plan, China will grant duty-free treatment to 100 percent of the tariff lines of products from least developed countries with diplomatic ties with China. 

China will voluntarily and unilaterally open its market wider. The move makes China the first major developing country and the first major economy to take such a step and will help turn China’s big market into Africa’s big opportunity, Chinese President Xi Jinping noted in his keynote speech at the FOCAC opening ceremony.