China has injected more than 1 billion

by Bernard Mutambudzi

A Chinese business delegation from Anhui Province which is currently in the country to explore business opportunities, signed two Memorandum of Understanding yesterday which will see China investment in Zimbabwe reaching a billion mark.

The signing ceremony was held at a local hotel and was hosted by the Ministry of Industry and Commerce and the Chinese ambassador witnessed the event.

In his welcome remarks, Minister of Industry and Commerce, Mangaliso Ndlovu said the flow of goods and services between Zimbabwe and China had tremendously increased with the coming in of the new dispensation.

"The signing ceremony yesterday is a culmination of visit by President Emmerson Mnangagwa to China sometime in April this year," said Ndlovu.

Minister Ndlovu said Zimbabwe and China shared a strong and historic relationship backdating to the days of the liberation struggle.

"Government’s mantra, Zimbabwe is Open for Business is receiving tremendous support from serious trading partners like China," he said.

He said the country was working on a raft of economic and political reforms that enhance the country's attractiveness to investors.

In his remarks, Chinese ambassador to Zimbabwe, Huang Ping said the signing in ceremony was a testimony that China was Zimbabwe’s all-weather friend.

The first MoU was the Rupanga Project and was signed between Anhui Shui'an Construction Group and Ministry of Lands, Agriculture, Water, Climate and Rural Resettlement and Zimbabwe National Water Authority (ZINWA)

The second MoU was JAC Auto Assembly Plant and Quest Motors.

So far Zimbabwe has signed deals worth more than one billion since President Mnangagwa got in office.