China to help Zim build economic zones- Zimbabwe
Fin24 - Sep 5th 2014, 08:55
Harare - China will help Zimbabwe build special economic zones and industrial parks to jump-start exports and a struggling economy, its ambassador to Harare said on Thursday as a Chinese firm started expanding the country's largest hydro-power plant.
The pledge by Beijing's top envoy to Zimbabwe, Lin Lin, comes days after 90-year-old President Robert Mugabe returned from a trip to China during which he sought financial help and investment from the world's number two economy.
Lin told Mugabe during a ceremony to mark the start of work to expand Kariba hydro-power station, 400 km (250 miles) northwest of Harare, that Beijing was ready to deepen bilateral relations.
Investors in the zones will benefit from special tax breaks and officials said they would not have to comply with black economic empowerment laws that force foreign companies to sell majority shares to black Zimbabweans.
"China is ready to take part in the construction of Zimbabwe's special economic zones and industrial parks, lead the cooperation in infrastructure construction, mining industry, manufacturing industry, and other fields, and encourage more Chinese companies to invest in Zimbabwe," Lin said.
Shunned by Western countries since 2000 over charges of human rights abuses and election rigging, Mugabe has increasingly embraced a "Look East" policy.
However, during Wednesday's session of parliament, Finance Minister Patrick Chinamasa dismissed suggestions Mugabe had gone to Beijing to beg for loans backed up by promises of shares in future mineral resources.
In January, China's Exim Bank agreed to lend Zimbabwe $319m to add 300 MW to Kariba hydro-power plant, an upgrade that is expected to ease daily power shortages in the southern African country.From Fin24.com
Alibaba beats analyst estimates as recommendations boost sales
17/05/2019 - 09:38
The Alibaba Group posted quarterly revenue and earnings that topped analyst estimates as personalised recommendations drive consumer spending across its shopping sites.
Pick n Pay approves further expansion in Zimbabwe despite market turbulence
12/04/2019 - 08:58
Pick n Pay, under its joint venture deal in Zimbabwe, has approved an expansion programme in the troubled country despite waning consumer spending power and disturbances to operations in the past few months.
Nestlé opens new research and development centre in Beijing
26/03/2019 - 10:08
Nestlé aims to accelerate trend-based innovation in China as it inaugurates a new research and development centre (R&D) in Beijing and a system technology hub in Shenzhen.
SA, Zim discussing state-guaranteed bank loan
13/03/2019 - 11:49
South Africa is considering more loans to Zimbabwe, including state-guaranteed funding from banks to support its northern neighbour’s cash-strapped private sector.
Global economic slowdown and trade war hit risk appetite
12/03/2019 - 11:18
More and more evidence that the global economy is turning for the worst and the more aggressive stance of the US on trade tariffs against China had led to a sudden turn-around in risk appetite across the globe.