SOUTH KOREAN high-tech electronics manufacturer, Samsung, has expressed interest to invest at the Sunway City in Harare as one of the anchor developers for the Information Technology (IT) Park, a government official has said.
BY TARISAI MANDIZHA
Sunway City Pvt Ltd is a real estate and property development company that is currently developing Sunway City Residential Park, Sunway City Industrial Park and Export Processing Zone Park.
Sunway City Pvt Ltd is also working on infrastructural development projects for water augmentation and supply,
road networking and electrification projects in its parks near Harare.
Speaking on the sidelines of the Institute of Chartered Accountants of Zimbabwe (ICAZ) winter school in Dubai, Industry and Commerce minister Mike Bimha said there was a big possibility that Samsung would be the anchor developers for the IT Park, adding that other players were welcome to establish at the Sunway City.
“Samsung is one of the giants in IT and is interested in the Sunway City where we are setting up an IT park. There is a big possibility there are coming as one of the anchor developers for the IT park,” he said.
“So it’s something that has interested them. They are really considering that, but we also thought we should approach other IT companies who would want to invest to come and establish at the Sunway City.
“They are issues which they are sorting out through the relevant ministries, more to do with IT, but we are more interested in terms of their location, with a view that if you have a big name establishing itself at Sunway City, it open doors for others who might think they have been left behind and they might also come and join.”
He added they were negotiating and Samsung had sent agents to Zimbabwe to see the features around Sunway City.
“We have been talking to them, there sent their agencies to come and see the features around Sunway City. It’s too early to state that’s where there are going to be, but they are looking at other places as well,” he said.
Samsung is a South Korean multinational conglomerate company headquartered in Samsung Town, Seoul.
It comprises numerous subsidiaries and affiliated businesses, most of them united under the Samsung brand. It is the largest South Korean chaebol business conglomerate.
Samsung was founded by Lee Byung-chul in 1938 as a trading company. Over the next three decades, the group diversified into areas, including food processing, textiles, insurance, securities and retail.
Samsung entered the electronics industry in the late 1960s and the construction and shipbuilding industries in the mid-1970s, these areas would drive its subsequent growth.
Samsung has increasingly globalised its activities and electronics, particularly mobile phones and semi-conductors, have become its most important source of income.
Notable Samsung industrial subsidiaries include Samsung Electronics — the world’s largest information technology company measured by 2012 revenues, and fourth in market value — Samsung Heavy Industries — the world’s second-largest shipbuilder measured by 2010 revenues, and Samsung Engineering and Samsung C&T respectively the world’s 13th and 36th-largest construction companies.
Other notable subsidiaries include Samsung Life Insurance — the world’s 14th-largest life insurance company, Samsung Everland operator of Everland Resort, the oldest theme park in South Korea, and Cheil Worldwide — the world’s 15th-largest advertising agency measured by 2012 revenues.
Samsung has a powerful influence on South Korea’s economic development, politics, media and culture, and has been a major driving force behind the “Miracle on the Han River”.
Its affiliate companies produce around a fifth of South Korea’s total exports.
Samsung’s revenue was equal to 17% of South Korea’s $1 trillion gross domestic