Zimbabwe eyes investment from India, China in mining sector
Zimbabwe is wooing investments from developing countries, including India and China, a media report has said.
By PTI |
DURBAN: Zimbabwe is wooing investments from developing countries, including India and China, a media report has said.
On the other hand, analysts feel the investment will prop up its mining sector.
"We are currently working in bringing in potential investors from China and India and negotiations are under way," the Chairman of Zimbabwe Miners Federation and Secretary for Foreign Affairs Hamilton Pazvakavambwa was quoted as saying by 'The Herald' on its online edition.
The federation aims to develop country's mining sector and attract foreign investments, it said.
"Such a statement reflects an urgency to reform, a step towards liberlaisation. Inflation in the country is the highest in the world. Probably after the recent elections, President Robert Mugabe is attempting to usher in some reforms in the mining sector," Karvy Comtrade's G Harish said.
The African country has abundant reserves of iron ore, coal, gold, silver, copper, ferro-chrome and many multi- national companies have been trying to get a foothold here.
Indian steel companies are looking to gain control over mineral reserves in countries like Mozambique, Australia, and Indonesia among others, to reduce input pressure.
On the other hand, analysts feel the investment will prop up its mining sector.
"We are currently working in bringing in potential investors from China and India and negotiations are under way," the Chairman of Zimbabwe Miners Federation and Secretary for Foreign Affairs Hamilton Pazvakavambwa was quoted as saying by 'The Herald' on its online edition.
The federation aims to develop country's mining sector and attract foreign investments, it said.
"Such a statement reflects an urgency to reform, a step towards liberlaisation. Inflation in the country is the highest in the world. Probably after the recent elections, President Robert Mugabe is attempting to usher in some reforms in the mining sector," Karvy Comtrade's G Harish said.
The African country has abundant reserves of iron ore, coal, gold, silver, copper, ferro-chrome and many multi- national companies have been trying to get a foothold here.
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Indian steel companies are looking to gain control over mineral reserves in countries like Mozambique, Australia, and Indonesia among others, to reduce input pressure.
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