Indian firms keen on Zim investment

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The visiting Indian business delegation has expressed optimism in investing in Zimbabwe as there were various opportunities waiting to be tapped despite economic challenges facing the country.

The two countries held a one-day trade and investment conference aimed at strengthening trade relations. At least 30 Indian companies took part.

Indian Industry and Commerce minister Jyotiraditya Scindia said the two countries should continue to engage each other.

He said India had set aside a $5 billion credit facility for African countries and Zimbabwe was welcome to tap into the fund. He said his country was helping Zimbabwe in a number of ways including capacity building and training of locals in India.

“We are more than willing to share success with Zimbabwe,” said Scindia.

“If Zimbabwe is interested in India, India is interested in Zimbabwe and both will benefit.”

Scindia said Zimbabwe had recovered from several economic meltdowns adding that the country’s rich mineral source base provided opportunities for strategic cooperation.

He pointed out the $5 million support for small-to-medium scale enterprises extended to locals and recent investment by Esssar Africa group as indications of what working together could do to both countries.

“India is interested in the mining sector and diamonds in particular. There is a company interested in setting a training institute for diamond polishing,” said Scindia.
“India promises to assist Zimbabwe in the economic recovery, in giving investment in critical areas, infrastructure, mining and many others.”

Indian ambassador to Zimbabwe Jeitendra Tripathi said the two countries had a long history of doing business together.

Tripathi said several Indian companies had already invested in Zimbabwe and had been successful in the mining, energy and pharmaceutical sectors.

“We are hopeful this ‘doing business’ conference will give a fresh boost (in relations) between India and Zimbabwe,” said Tripathi.