China remains Zimbabwe’s top investor

HARARE — China remained Zimbabwe’s undisputed largest investor during the first five months this year, accounting for 74% of the $134 million of the foreign direct investments pouring into the southern African country, the government’s investment promotion agency said on Tuesday.

Chinese businesses invested $81,2 million in the manufacturing sector, and another $16 million in mining between January and May 2013, according to Zimbabwe Investment Authority.

The other top investors to Zimbabwe were Mauritius, investing $11 million in mining and service sectors, and South Africa, injecting $7 million in mining.

Zimbabwe is recovering from the abyss of a decade-old economic meltdown characterised by the hyper-inflation in 2008. After the authorities abolished the worthless Zimbabwe dollar and adopted a wide range of currencies including the US dollar, foreign investments slowly began to trick in.

Last year, Zimbabwe Investment Authority approved $929 million of FDI, among which 72% were from China.

Finance Minister Tendai Biti said last month that uncertainty around the general elections had been holding back the country’s economic growth so far this year.
—chinadaily.com.cn

7 Responses to China remains Zimbabwe’s top investor

  1. arnold July 3, 2013 at 7:41 pm #

    What eva happens in zim

  2. danai July 4, 2013 at 3:53 am #

    Muchingoti hee varungu varungu vanotitorera our resources hezvo maChina zvaari kungotora ma minerals enyu ari ma store owner mutuma shop mutown and vashandi vavo don’t get paid and yet no one complains. i nationalism rudzii iyoyo iri racially dependant? Madzinga varungu mati empowerment. Zvakanaka. Ko ava vachirikutsvagei muno? The Chinese r here to suck us dry and make money just like e westerners. They are not ur friends. Dyirwai ma resources enyu makadaro. They do incredibly well isu tiripi yet these are our resources! Recovering my foot!

  3. bvodjo July 4, 2013 at 7:05 am #

    zanu pf for life. Icho!

  4. lazy boy July 4, 2013 at 11:48 am #

    I think $134million is really pathetic for a country with a huge population such as ours. If China as a country invested US$81million then if 100 companies invested each company brought an average of US$810,000. We all know these Chinese companies are investing mostly in diamonds are they’re not employing a lot of people and at such a rate unemployment continues to rise. On another note I am a subscriber to ZANU PF’s indigenisation model in the sense that it does not promote capital growth in the form of FDI. Can you imagine that from the figures in the report above, it means it will not be attractive to me as foreign investor when 51% of my earnings after all costs will be taken by someone who didn’t put a cent in the business. For businesses with a 15% return on investment (too high though) then my 49% of the 15% is too low. This effectively means investors will find South Africa, Kenya, Botswana, Mozambique or Tanzania a better investment haven for their capital because there are better returns. I have a habit of wanting to see the country of manufacture of the everyday products that I use in the home and at work and I note with sadness that almost all consumer goods are South Africa made, some Kenyan, Zambian and even Egyptian goods. So I ask myself “what did we do to upset these manufacturers as a country that made them decide to set up shop in Zambia instead of here?” Everything boils down to the choices we make that determine our future. Without being political I understand that its not the size of a country nor it’s resources that determine it’s people’s well being. It’s the decisions that our leaders make everyday.

    • vanopenga July 4, 2013 at 12:53 pm #

      its pathetic that this chinese firms are claiming to be major investors whilst the ironical truth is that Zimbabwe is actually the one investing colossal amounts into the chinese economy

  5. stallone July 4, 2013 at 12:08 pm #

    Zvipikowo,mbavha idzo izvo zvoidhori zvinorira ndo investment yacho vachipedza ma resources edu pasina chatinowana mu british arinani pane marara aya mhani,ngavaende

  6. bikita July 5, 2013 at 2:10 am #

    zhing zhong available everywhere

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