30 January 2014

Zimbabwe: Indians to Invest U.S $10 Billion

Indian businesses want to invest US$10 billion in Zimbabwe in the coming months in various projects, mainly in mining and construction, to create more than 6 000 jobs.If it comes to fruition, it will be the largest foreign investment deal in the country's history.

In an interview at a reception to mark India's 65th anniversary yesterday, New Delhi's ambassador to Harare, Mr Jeitendra Tripathi, said the projects should commence within the next few weeks.

"India had plans to invest US$4 billion, but it has increased the investment to US$10 billion, which is the biggest ever foreign investment in Zimbabwe," Mr Triphati said.

He said the investment would focus on exploration of new mines, construction of a power plant, construction and renovation of existing power plants, and construction of a modern dual carriage railway line from Gweru to Mozambique border.

Ambassador Triphati said the project would see the revival of New Zim Steel, formerly Ziscosteel.

"They will re-employ all 4 000 ex-employees at Zisco and create 6 000 more jobs increasing the jobs to 10 000. This means this will give assistance to about 30 000 people if you take say three people per family," he said.

India is now a major foreign direct investor in the world, recording US$80 billion outbound FDI last year against inward FDI of US$198 billion.

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