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Monday, May 27, 2024

‘Massive industrial growth hallmark of Second Republic’

Story by Justin Mahlahla

The Second Republic under President Emmerson Mnangagwa has put the nation on the road to recovery, with massive industrial growth being the benchmark of the New Dispensation’s reform thrust.

This was said by the Minister of Information, Publicity and Broadcasting Services, Senator Monica Mutsvangwa while addressing the Zimbabwe Ministerial Dinner in South Africa this Wednesday.

She said in the last five years, President Mnangagwa has been hands on in terms of promoting massive capital flows to the nation.

“To date, the Second Republic has achieved outstanding milestones that continue to improve the lives of ordinary Zimbabweans while Leaving No One and No Place Behind. The current administration’s thrust to inclusive development is anchored on making Zimbabwe an optimal destination of capital.

“I am thrilled to extend warm greetings to all of you on this important occasion, where we are highlighting the numerous investment prospects that our two countries share. I would like to express my gratitude to our President His Excellency Emmerson Mnangagwa for having endorsed this event,” she said.

Minister Mutsvangwa noted Zimbabwe’s strides in improving its regulatory and general business environment to attract both domestic and foreign investment, and also to become the safest destination for capital injection on the African continent.

“Foreign Investors are allowed to own 100% shareholding for mining operations in all minerals. Before starting operations foreign investors are required to register a local company and apply for an investment licence from the Zimbabwe Investment and Development Agency (ZIDA).

“Turning to mining, our President has an adage; in Zimbabwe the question to ask is which minerals we dont have, because we carry a bonanza of all the useful minerals. Zimbabwe is a global class mining player. It is number 2 in platinum group metals after South Africa. It is top 3 in ferrochrome reserves. It is number 4 global diamond producer. It is in the top 5 hard rock lithium reserves. It is rapidly climbing into the top ten gold producers. It has more than sixty other minerals on its great dyke geological complex. Gold production, Zimbabwe has climbed to a national haul of 35 tonnes and is aiming to double that in the next two years. Of this, sixty percent is accounted for by the SME sector at 25 tonnes,” she said.

She also highlighted the milestones being achieved in the country’s lithium sector, where top global billionaires of the New Electricity Energy vehicle lithium sector have all flocked to Zimbabwe within a short period.

“We have started the export of lithium concentrates as multi-million dollar investments are ploughed. Zulu lithium in Gwanda, Acadia Lithium near Harare, Sabi Star Lithium in Buhera, Bikita minerals in Masvingo, Kamativi Lithium in Matabeleland North and host of other investments,” she added.

Turning to regional trade, Minister Mutsvangwa said Zimbabwe’s geospatial advantage makes strategically places the country’s nerve centre for SADC trade and commerce which directly feeds into the aspirations of the African Continental Free Trade Area (AfCFTA).

She said Immediate opportunities exist in revamping the existing railway system in order to remove all the carbon steel ecosystem load from road to rail.

“Electricity power generation is an absolute priority. Within the last 5 years President ED Mnangagwa has commissioned Kariba South Hydro Electric power station, and Hwange 7 and 8 thermal power stations, adding a thousand megawatts to the power grid and effectively addressing load shedding.

“Further investment is in the works with addition loans from the Export Bank of India. We also aim to link our transmission grid to source from Mozambique power producers and their national surplus,” she added.

Zimbabwe is also on the cusp of being a key oil to gas energy player in the region with the Australian Invictus Energy firm indicating improved commercially viable findings at its Muzarabani oil and gas exploration project.

Other sectors that have registered significant strides include tourism, agriculture as well as food security and human resource development.

“Zimbabwe is ready to become an incubator of all content digital including universal financial inclusion. This should whet your appetite, after all, Sandton is home to Africas leading edge financial expertise,” she said.

“The timing of this event tonight is most appropriate considering the spotlight on our nation as we approach our Harmonised Elections on August 23rd of next month. Indeed while the focus is on the politics of our country, elections are a one day event that will come and go, but we will still have a country beyond that day and it is imperative that we focus on opening our country and our economy to investors so that we secure a better, more prosperous future for all our people,” said Hon Mutsvangwa.

The event, organised by Zimbabweans Conrad Mwanza, Phathisani Moyo and Japhet Mathanda Ncube, attracted influential businesspeople such as Mr Zunaid Moti and the Moti Group, Mr Aubrey Tau of Moja Love, Mr Dali Tambo, as well as Professor Mamokgethi Phakeng and Mr Dominic Chimhavi.

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