China reaffirms support for Zimbabwe’s economic growth
CHINA has reaffirmed its unwavering support for Zimbabwe’s economic growth by injecting multi-million-dollar investments, particularly in the mining and industrial sectors, further strengthening bilateral relations between the two nations.
Zimbabwe has witnessed a surge in foreign investment with Chinese firms playing a pivotal role, particularly in mining, which remains the backbone of the economy. The sector contributes over 60 percent of the country’s export earnings and accounts for more than 50 percent of foreign direct investment (FDI).
Speaking at the groundbreaking ceremony of the US$3,6 billion Palm River Energy Metallurgical Special Economic Zone project in Beitbridge on Monday, Economic and Commercial Counsellor of the Chinese Embassy, Mr Huang Minghai said Zimbabwe has vast potential.
“Zimbabwe is a nation brimming with potential, a land blessed with abundant natural resources, a vibrant cultural heritage, and a resilient, hardworking people. Under His Excellency, President Mnangagwa’s transformative Zimbabwe is open for business policy, the country has emerged as a beacon of opportunity.
Mr Huang noted that nearly half of the Chinese firms investing in Zimbabwe are in the mining sector.
He said China and Zimbabwe share common interests in mining cooperation based on mutual benefit and win-win outcomes.
Highlighting China’s commitment to Zimbabwe’s development, Mr Huang referenced the Xintai Industrial Park, a project spearheaded by Shanxi Xinganglian Group.
Source: CHRONICLE
