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Monday, May 27, 2024

Zim-India deal targets the truck and bus industry

Story by Owen Mandovha,
Business Reporter

ZIMBABWE’S truck and bus industry is set for major transformation through a joint venture between leading Indian firms and local companies.

The Minister of Industry and Commerce Dr Sekai Nzenza, who made a follow-up visit to India after Vice President General (Rtd) Dr Constantino Chiwenga attended the India Exim Bank Conclave in June this year, has revealed strategic pacts entered into with leading Indian truck and bus companies.

“In our meetings with top Indian companies, we did manage to agree on a draft memorandum of agreement to partner with them for the assembly of buses and trucks. India has got a vibrant truck and bus assembly industry such that this pact is key for the ongoing revival of Deven Engineering and Willowvale Motor Industries,” she said.

During the visit, Indian investors gave the government of Zimbabwe a seal of approval in terms of providing a lucrative destination for investment.”

She added, “The Indian investors are keen to invest further in the Zimbabwean economy as shown by their commitment to see these investments happen. Also how the country is mobilising foreign investment in the middle of general elections signifies its commitment to spearhead the attainment of its vision of an upper middle-income country by the year 2030.”

Deven Engineering and Willovale Motor Industry were giants of Zimbabwe’s vibrant motor assembly industry before illegal sanctions destroyed the sector by blocking international supply chains of key components.

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