India Steps Up Drive to Invest In Zimbabwe

HARARE (NNN-NEW ZIANA) -– A high-level business and government delegation from India, led by Industry, Commerce and Textiles Minister Anand Sharma, is expected in Zimbabwe early next week to explore various areas of co-operation.

The visit of the delegation, comprising at least 24 companies representing various sectors including agriculture, information technology (IT), mining, finance, manufacturing and energy, is a follow up to an earlier one in September last year led by Indian Minister of State for Commerce and Industry Jyotiraditya Scindia, who brought a delegation from the Confederation of Indian Industry (CII).

Zimbabwe's Economic Planning and Investment Promotion Secretary, Dr Desire Sibanda, said here Wednesday ratification of the Bilateral Investment Promotion and Protection Agreement (BIPPA) between Zimbabwe and India late last year had helped provide impetus to the investment relations between the two countries.

"Zimbabwe and India have strong business ties as personified by the ratification of the BIPPA between the two countries late in 2011," he said.

As part of the visit, an investment conference would be held in Harare under the theme, “Partnership for Growth”.

Dr Sibanda said some of the objectives of the delegation's visit included providing a platform for decision makers both in the private and public sectors from both countries to discuss specific opportunities.

Indian companies would also be provided with the opportunity to participate in projects in Zimbabwe through partnerships as well as get more information on identified priority sectors as outlined in the country's Medium Term Plan (MTP).

They would also be appraised on the investment and business environment prevailing in the country. The Zimbabwe government is committed to raising foreign direct investment (FDI) levels from 4.0 per cent of GDP registered in 2009 to at least 25 per cent by 2015, said Dr Sibanda.

"In this regard, the Ministry of Economic Planning and Investment Promotion is intensifying its international investment promotional tours and conferences to showcase Zimbabwe as a viable investment destination in order to meet this target," he said.

The Indian delegation will meet government officials and the private sector to explore areas of co-operation and investments.

Approximately 9.2 billion USD in investments are required to finance the MTP in order to meet the growth and development targets set for the plan period with FDI expected to provide a significant chunk of the inflows. -- NNN-NEW ZIANA