FINANCE Minister Mthuli Ncube says Zimbabwe's policy of banning the export of raw lithium while incentivising local value addition has been well received by global investors and policymakers attending the World Economic Forum Annual Meeting in China.
SouthAfrica newsSpeaking on the sidelines of the forum in Dalian, Ncube said discussions had focused on emerging technologies such as artificial intelligence, green technology and advanced manufacturing, with countries encouraged to collaborate rather than compete.
"We have discussions around new technologies such as artificial intelligence and green technology and advanced manufacturing with new technologies that we all should aim to share.
"Already, we are competing as countries through our companies, of course, but here the message is about how we share these technologies for the betterment of mankind, creating jobs, opportunities and developing new skills. This is what we are looking for in major markets such as Zimbabwe," said Ncube.
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The Finance minister said Zimbabwe had emerged as a global leader in the management of critical minerals, particularly lithium, which is a key raw material used in electric vehicle batteries and renewable energy technologies.
Ncube defended the government's ban on exports of unprocessed lithium, describing it as a deliberate policy aimed at accelerating beneficiation, industrialisation and value addition.
"For a country such as Zimbabwe, our contribution has been strong when it comes to critical minerals, where in a sense we have led the world in many ways.
"We have used the carrot-and-stick approach. The stick being to say we cannot export raw, unprocessed critical minerals such as lithium," he said.
He said the government had complemented the export ban with investment incentives for companies willing to establish local processing facilities.
"The carrot being that once you process to the level of lithium sulphate, it's no longer mining, it's now manufacturing. Companies can then access all manner of incentives, including Special Economic Zone status," said Ncube.
According to the minister, the policy framework has attracted positive feedback from delegates and investors attending the global economic gathering.
"This kind of balanced message has been well received here at the World Economic Forum," he said.
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Zimbabwe, which possesses some of the world's largest hard-rock lithium deposits, has intensified efforts to compel mining companies to beneficiate minerals locally as part of a broader strategy to increase export earnings, create jobs and develop downstream industries.
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