Advertise with fastmoving.co.za
 
 

China to help Zim build economic zones
China to help Zim build economic zones

China to help Zim build economic zones- Zimbabwe

INTERNATIONAL NEWS

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 

Related News

Zimbabwe's farmers smell the tea and coffee
14/06/2019 - 09:50
Farmers in Zimbabwe’s Eastern Highlands are smelling the tea and coffee.

SA's first citrus shipment arrives in China
13/06/2019 - 15:39
The historic shipment of 5 200 tons of citrus in a breakbulk vessel has arrived at Shanghai Port in the People’s Republic of China.

US jealousy sparked trade wars, says Chinese ambassador
21/05/2019 - 10:48
The US is jealous of China’s rapid economic growth and achievements in the past few years and was using the trade wars to frustrate and stall it, Lin Songtian, the Chinese ambassador to SA said.

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.