By Talent Bonde
THE Foreign Affairs and International Trade Minister Fredrick Shava has heaped praises on the Chinese business community as game changers that have led to the improvement of the country’s economy.
Shava said Zimbabwe and China maintained good relationships that were bearing fruits on the economic front.
A local think tank, Ruzivo, organised the seminar to review how Chinese firms contribute to the local economy. The seminar was a first of its kind in Zimbabwe and its theme was, “Impact of Chinese Investments in Zimbabwe.”
Minister Shava reported there was a significant increase in investment in Zimbabwe by the Chinese government and its private sector.
“This momentous occasion gives us an opportunity to take stock of our achievements towards promotion and enhancement of the bilateral relations between Zimbabwe and China.”
Minister Shava further revealed Chinese interests have helped Zimbabwe create employment, develop agricultural infrastructure, and boost its gross domestic product.
“In addition, technical expertise and transfer of know-how has enhanced our experts, increasing production levels and raising productivity,” he announced.
Minister Shava told delegates that the country’s hospitality and progressive measures have been a bedrock for Chinese investments.
From 2019 to June 2022, China contributed U.S. $2,3 billion out of the U.S. $3 billion Zimbabwe earned from offshore direct transactions. This represents 76, 15% of total transactions.
“[This is because] our progressive investment laws have generated a conducive environment to support investment flows,” he said
Zimbabwe and China have had cordial relationships for generations.
In December 2015, Chinese President Xi Jinping visited Zimbabwe, and President Emmerson Mnangagwa went to China on a state visit in April 2018.
The Chinese government has bailed out Zimbabwe with financial aid for key infrastructure development projects.
Beijing, for example, bankrolled the Kariba South Hydropower development project, the 600 MW Hwange 7 and 8 Thermal Power expansion project, and the upgrade of the Victoria Falls International Airport. The Harare City Council has also benefited from the Sewer and Water Reticulation project.
