Turkish investors have been urged to take advantage of the agricultural and mining boom in Zimbabwe which sustained global shocks induced by Covid 19 and the Russo-Ukrainian war.
Speaking yesterday during a Zimbabwe-Turkey Business Webinar, Head of Sub-Saharan Africa Department in the Ministry of Commerce from the Republic of Turkey, Mr Ismail Sinan said investors in Turkey should pay particular attention to both Mining and Agricultural sectors considering that these sectors managed to witstand global shocks caused by the COVID-19 pandemic and Russia-Ukraine war.
“Zimbabwe’s economic rise lies mostly in Mining and Agricultural sectors, accordingly opportunities in Zimbabwe in sectors like Mining and Mineral beneficiation, power generation, renewable energy, infrastructure and manufacturing are suitable for bilateral cooperation.
“I would love to single out Agriculture in particular; this is because of Zimbabwe’s excellent performance in increasing its wheat production. It has made it one of the few countries not affected by the war in Ukraine in terms of food security,” said Sinan.
Sinan also reiterated the need for Turkish investors to quickly seize the opportunity within the agriculture sector. He said that investing in agriculture would be a win-win situation for Turkey considering that the latter is a hub for textile industry.
The comments by Sinan came at a time when the Second Republic has since adjusted cotton market prize from US$35 per 250kg bale to a spot payment of US$75 per 250kg plus an incentive of ZWL8 125 for a bale. These prize adjustments are in line with regional market prices currently trending.
According to a source at Zimbabwe Investments and Development Agency (ZIDA), Zimbabwe has witnessed an increase in the number of new investors coming to invest. Turkish Government is one of the many potential investors that have shown interest in further investing in Zimbabwe.
This has been described by economic analysts as a reflection of the success of the Second Republics’ engagement and re-engagement programme.