People visit the China Pavilion at the Zimbabwe International Trade Fair (ZITF) in Bulawayo, Zimbabwe, on April 26, 2024. (Xinhua/Tafara Mugwara)
Zimbabwean Finance Minister Mthuli Ncube on Friday hailed Chinese investors for their contribution to the southern African country over the years.
HARARE, May 25 (Xinhua) — Zimbabwean Finance Minister Mthuli Ncube on Friday hailed Chinese investors for their contribution to the southern African country over the years.
The ever-growing Chinese investment in Zimbabwe over the past two decades, when the country has been under Western sanctions, is now attracting previously averse global investors to re-examine Zimbabwe’s investment opportunities, Ncube told Xinhua in an interview on the sidelines of the Confederation of Zimbabwe Industries meeting held in the capital of Harare.
He said China has been a strong pillar of economic support for Zimbabwe in recent years, providing grants and loans for the development of various key infrastructure projects.
“Zimbabwe has benefited a lot from Chinese investment. In the energy sector, for example, the investments that have gone into Hwange Thermal Power Station Units 7 and 8 and the Kariba South Power Expansion Project are really commendable,” said the minister. “They (the Chinese) have boosted our production of the much-needed power and other infrastructure. Look at the Robert Gabriel Mugabe International Airport and the Victoria Falls Airport; these are all commendable infrastructure projects. So if you look at the economic relationship between China and Zimbabwe, it has been very positive.”
Zimbabwean President Emmerson Mnangagwa is pictured during an official ground-breaking ceremony of the Sabi Star Lithium Mine in Buhera, Zimbabwe, Dec. 14, 2022. (Photo by Shaun Jusa/Xinhua)
He also praised Chinese investment in Zimbabwe’s mining sector, particularly lithium and coal.
Ncube told Xinhua that Chinese investors are encouraged to locate more of their factories in Zimbabwe to help boost the country’s manufacturing capacity, which has been declining over the past years due to challenges such as power shortages, lack of long-term financing and high production costs.
“That’s critically important. For example, look at the Chinese-owned tile manufacturing factory in Norton; I hear that they have begun exporting and are doing so well,” he said.
“They (global investors) should see Zimbabwe as a manufacturing hub where they can invest,” Ncube added. ■
Read More: Zimbabwean finance minister hails Chinese investors’ contribution-Xinhua