Chinese investments in Zimbabwe exceed US$10 billion
via NewsDay Zimbabwe5 min read
Chinese Ambassador to Zimbabwe, Zhou Ding, announced that Chinese investment in Zimbabwe has surpassed US$10 billion. Speaking at the Zimbabwe-China Investment Symposium in Harare, Ding highlighted China's increasing support for Zimbabwe's shift towards value addition, moving beyond raw mineral extraction to local processing and industrial production. He emphasized that the future of Zimbabwe's mining sector lies in value addition, industrialization, and skills development, which are crucial for creating industries, developing skills, and generating sustainable employment. Chinese investments are acting as a key catalyst for Zimbabwe's industrial transformation, covering sectors such as mining, manufacturing, agriculture, energy, and digital infrastructure. These investments are supporting local industries, creating jobs, and contributing significant tax revenues. An example cited is the Dinson Iron and Steel Plant in Manhize, a US$1.5 billion project that produces over 500,000 tonnes of steel annually, with 60% exported, generating vital foreign currency. Additionally, Chinese companies have invested over US$2 billion in Zimbabwe's lithium value chain since 2021, including projects like the Arcadia lithium sulphate plant and Sinomine's lithium sulphate processing plant at Bikita Minerals. The continued expansion of value addition projects is expected to strengthen Zimbabwe's position as a leading mining and manufacturing destination in Africa.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
Zimbabwe has commissioned a specialised honey testing laboratory to enhance the export competitiveness of its honey products. This initiative aims to improve the quality and marketability of Zimbabwean honey on the international stage.
Powertel and Paratus Zimbabwe have partnered to introduce a new digital highway. This development is part of several recent business and economic updates in Zimbabwe, which include Chinese investments surpassing US$10 billion, Bikita Minerals expanding operations with a US$200 million investment, and the Zimbabwe Mercantile Exchange ZMX seeing rising confidence with trades reaching US$1.28 million. Starafricacorporation reported a profit after tax of US$1.44 million for the year, a significant improvement from a US$4.83 million loss in the prior year, despite facing liquidity pressures. ART operations have been affected by power outages and raw material shortages, leading to a decline in export and paper division volumes by 6% and 26% respectively in the third quarter to June 2022. Additionally, Zimbabwe has commissioned a specialized honey testing laboratory to enhance export competitiveness.
Must ReadZimbabwe has commissioned a specialised honey testing laboratory to enhance the country's export competitiveness. This initiative aims to improve the quality and marketability of Zimbabwean honey on the international stage.