Story by Abigirl Tembo in India
ZIMBABWE’s presentation at the India-Africa Business Conclave, which commenced in New Delhi this Tuesday, has generated significant interest among Indian companies looking to invest in the country.
Several Indian firms have expressed their intention to explore investment opportunities after the head of the Zimbabwean delegation at the conclave, Vice President General (Rtd) Dr Constantino Chiwenga outlined Zimbabwe’s vast economic potential.
“Allow me to flag out the limitless economic opportunities for collaboration with my country. Zimbabwe boasts a favourable climate and fertile agricultural land, positioning it as a potential agricultural powerhouse in Africa.
“The country has a strong agro-based economy. My country is endowed with over 60 internationally tradable minerals which include, diamonds, lithium, platinum group of metals, gold, coal and rare earth elements. The recent discovery of oil and gas is a potential game changer for Zimbabwe’s economic growth as it will have an impact on energy security and the development of several downstream industries, among others.
“Zimbabwe has one of the largest lithium reserves in Africa. All of the country’s 10 provinces are endowed with Lithium deposits. The Zimbabwean government wants investment in mining and processing lithium to produce lithium carbonate or hydroxide, which is highly valued to make lithium batteries locally.
“We invite you to invest in the mining value chain, which encompasses the provision of prospecting and exploration, mining and value addition, finance and technical services for partnerships with local mining firms,” said Dr Chiwenga.
A panel of Zimbabwean government officials, including Health and Child Care Minister Dr Douglas Mombeshora, Permanent Secretary in the Ministry of Industry and Commerce, Dr Thomas Utete, Permanent Secretary Ministry of Higher and Tertiary Education, Innovation and Science Development, Professor Fanuel Tagwira and CEO of Mutapa Investment Fund Dr John Mangudya fielded questions from Indian investors, providing further insight into the country’s investment opportunities and regulatory framework.
Vice President Chiwenga also met with the Mauritian Vice President, Marie Cyril Eddy Boissèzon on the sidelines of the Conclave, where they discussed the need for the two countries to increase cooperation in various sectors.
“We spoke on how we can increase our economic cooperation between Zimbabwe and Mauritius, and in fact, we said that we need Africa as a whole to be self-sufficient as far as food is concerned, and Mauritius offers 50 university scholarships for Africa, and we ask that students from Zimbabwe take this opportunity and come study in Mauritius,” said Mr Boissèzon.
The India-Africa Business Conclave, which concludes on Thursday, has provided a platform for Zimbabwe and other African countries to showcase investment opportunities and strengthen economic ties with India.
