Investment is vital for economic growth: Pres Mnangagwa

Staff Reporter

President Mnangagwa has said that investment is vital for economic growth and has assured that the country has a favourable environment for investments.

Speaking yesterday in Mahusekwa, Mashonaland East Province after the commissioning of Mount Meru Millers Zimbabwe Edible Oil Refinery Plant, the President said the investment by the company was a testimony of good investment policies available in Zimbabwe.

“Investment is vital for economic growth and indeed the nature and levels of Foreign Direct Investment witnessed since the advent of the Second Republic are unprecedented. These are a clear testimony of the success of our ‘Zimbabwe is Open for Business’ philosophy and Engagement and Reengagement Policy adopted by my administration. In this respect, the investment by the Mount Meru Group is further evidence of the prevailing conducive environment for doing business progressive,” said the President.

President Mnangagwa called upon investors to come and invest in all spheres of the country’s economy, leveraging on the abundant natural resource endowments. He added that the Government will continue to pursue the Ease of  Doing Business reforms to attract more investments, focusing on the rural areas in line with the developmental thrust of leaving no one and no place behind.

The President added that the coming on board of Mount Meru Millers brings to nine the number of edible oil processing plants in the country. He further said that the new oil processing plant, currently valued at US$20 million, has a capacity to produce 250 metric tons of soya edible oil per day.

President Mnangagwa called upon the edible oil value chain players to support the production of soya bean, cotton and sunflower by contracting local farmers towards guaranteeing a consistent availability of raw materials for the edible oil industry.

The President further urged local farmers to take advantage of the Government’s National Enhanced Agricultural Productivity Scheme to access inputs for strategic crops such as soya beans, sunflower, maize and other cereals.

Meanwhile, one of Mount Meru shareholders, Atui Mittal said that the company will employ over a thousand locals and also promised to increase their investment in Zimbabwe to the tune of US$100 million. He added that as part of the company’s corporate social responsibility, it will also provide supplementary food to school going children within the area.

The commissioning of Mount Meru Millers Company was witnessed by high profile officials including Industry and Commerce Minister, Dr Sekai Nzenza, Minister of State for Provincial Affairs and Devolution responsible for Mashonaland East Province, Aplonia Munzverengi and Tanzanian Ambassador to Zimbabwe, Professor Emanuel Mbennah, among others.