BEVERAGES manufacturing firm Delta Corporation has invested at least $250 million since dollarisation, as it continues to consolidate its market dominance, it has emerged.
Report by Business Reporter
Speaking at a function to commission the new $17 million state-of-the-art bottling line purchased from Krones of Germany in Harare yesterday, Finance minister Tendai Biti said the investment came at a time when the country was on the road to economic recovery.
Biti said the survival principle that was adopted by most businesses during the crisis period between 1997 and 2008 was wrong.
“In crisis times, the answer is not to sink and bury yourself, but the answer is to look the beast in the eye,” he said.
“This investment is a sign of confidence and belief in this economy.
“To invest $250 million to an already existing infrastructure that you had, is a further huge investment.”
He said the country had been battling in the last three years to attract foreign direct investment and last year the country only managed to attract $388 million.
“We in the government are confident that this recovery will gather momentum in the years to come,” he said.
“We are convinced that Zimbabwe is an attractive investment destination. Accordingly as the government we are working very hard to revive and rejuvenate our business sector which is still hamstrung by years of economic decline.”
Biti said the government recognised the fundamental truth that the private sector was the engine for sustained economic growth.
“In this regard we will strive to provide a conducive and enabling environment, which will be the platform for the rebound of the country’s economic growth,” he said.
Biti paid tribute to Delta for being the first billion-dollar business listed on the Zimbabwe Stock Exchange (ZSE).
“This is a tremendous achievement if you consider that the market capitalisation on ZSE has been hovering around $4 billion,” he said.
Biti said Delta’s success was largely due to its good leadership.
Delta, according to Biti had been the main financier through contract farming of burley tobacco.