Zimbabwean president commends investors from China

Xinhua
24 Jun 2022, 04:44 GMT+10

HARARE, June 23 (Xinhua) -- Zimbabwean President Emmerson Mnangagwa commended Chinese companies Thursday for their investment in the southern African nation.

Mnangagwa was speaking after touring the Gweru-based Sino-Zimbabwe Cement Company, which he commended for expanding its operations in Zimbabwe.

"I commend investors from the People's Republic of China, herein represented by Sino-Zimbabwe Cement Company for investing in Zimbabwe," he said.

Sino-Zimbabwe, currently operating at 90 percent capacity utilization, is the third-largest producer of cement in Zimbabwe.

"Your investments in not only cement manufacturing, but also in a brick manufacturing company which produces high-quality face bricks and tensile bricks, is commendable," Mnangagwa said.

He urged the company to continue taking advantage of the boom in Zimbabwe's construction industry to grow its business.

The Zimbabwean economy has transitioned from stabilization to growth and the government will continue to aggressively woo investors to boost economic growth, Mnangagwa said.

He said several sectors of the economy were experiencing growth, including the manufacturing sector whose capacity utilization continues to grow and now stands at 75 percent.

The growth in the manufacturing sector, partly driven by a stable macro-economic environment, has resulted in locally produced goods occupying 75 percent of shop shelves, in line with the "Made in Zimbabwe" and "Buy Zimbabwe" initiatives, Mnangagwa said.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.

More Information

null in null

International Business

Section

New Ireland law to review foreign purchases of sensitive companies

DUBLIN, Ireland: The government of Ireland is preparing a new law to prevent foreign investments in critical technology and infrastructure ...

Toyota reduces July global production goal by 50,000 vehicles

TOKYO, Japan: Amidst semiconductor shortages and COVID-19 parts supply disruptions, Toyota has reduced its July global production target by 50,000 ...

Russian rouble stronger, consumer prices falling

MOSCOW, Russia: Russia's consumer price index has fallen by 0.12 percent for the third consecutive week.This drop in the consumer ...

UK government pledges action after inflation rises 9.1% in May

LONDON, England: Surging food prices in the UK pushed consumer price inflation to 9.1 percent last month, a 40-year record ...

Two years to reduce inflation to 2 percent, predicts Fed's Mester

CLEVELAND, Ohio: It will take two years for U.S. inflation to fall to the central bank's 2 percent target, Cleveland ...

EU, India hope for free trade agreement by 2023, says officials

NEW DELHI, India: The European Union and India have relaunched talks to implement a free trade agreement, aimed to be ...

Construction

Section