One of China's top billionaires, Mr Li Jinyuan, has committed to invest in Zimbabwe after he held talks with President Mnangagwa last week.
Mr Li, who is chairman and chief executive of Tiens Group, has a net worth of over US$5 billion, according to Forbes Magazine.
He is also a renowned philanthropist. His company, Tiens has established a firm footprint through direct selling of healthcare products and providing employment to thousands of people.
Speaking to journalists after a closed door meeting with President Mnangagwa, Mr Li gave the thumbs-up to the "Zimbabwe is open for business" mantra.
"I talked to the President and he explained to me various issues about how he is reforming the country especially after the recent elections.
"He informed me that the message from his Government is that Zimbabwe is open for business. I told him that I fully support this agenda and, given the good relations between Zimbabwe and China, I am willing to do what I can," he said.
Mr Li said his company was interested in investing in several sectors in Zimbabwe, as part of the Tiens Group's expansion strategy into Africa.
"This time around, our company's executives have decided to come to South Africa and Zimbabwe because these are important countries to our companies.
"In Africa we have a presence in 46 countries and this time our plan is to implement the Teins new business strategy. This business strategy is our third entrepreneurial venture and it is called 'One Body Multiple Wings'. Through this strategy we are opening companies around the globe and the multiple wings involve different sectors of businesses which are going to be linked together," said Mr Li.
The Chinese billionaire said he was willing to invest more in the pharmaceutical sector after President Mnangagwa informed him of the challenges being faced in the supply of drugs.
In line with his acclaimed philanthropy, Mr Li said he had decided to partner First Lady Auxilia Mnangagwa by lending support to her charity programmes.
He also donated US$5 000 in cash to the Zimbabwe Parents of Handicapped Children Association in Hatfield as part of his "Give a hand of friendship and love" initiative.
Mrs Miriam Kangai, the patron of the Tiens Group in Zimbabwe, said the country would derive huge benefits from increased investments by the company.