Home LOCAL NEWS Indians happy with business environment, sign MoUs

Indians happy with business environment, sign MoUs

Indians happy with business environment, sign MoUs

Indians happy with business environment, sign MoUs

The Indian business delegation that has been in the country over the past week, has expressed confidence in the prevailing business environment in the country, and has signed 20 Memoranda of Understanding for cooperation in various areas including mining, agriculture, ICT and housing development.

The delegation said it was keen to assist Zimbabwe achieve its goal of becoming an upper middle income economy by 2030.

Comprising 15 members from the Indian Trade Organisation, the delegation visited Victoria Falls and Bulawayo to explore investment opportunities, and met business leaders from various sectors of the economy.

Since the coming in of the Second Republic, President Mnangagwa has been championing engagement and re-engagement with all countries, especially those that had turned their backs on Harare.

Further, the President has added the International Trade component to the Ministry of Foreign Affairs and ambassadors are required to advance economic diplomacy.

The Indian delegation’s visit was facilitated by the Zimbabwe National Chamber of Commerce and the Zimbabwe India Trade Council.

Head of the Indian delegation, Dr Asif Iqbal, yesterday said they were impressed by the investment opportunities in Zimbabwe.

“We hope to strengthen and support Zimbabwe’s leadership and its Vision 2030 of becoming a middle income economy and we look forward to implementing the MoUs,” he said this during the signing ceremony of 20 MoUs.

Other MoUs were in sectors such as banking and finance, tourism and film.

Dr Iqbal said a larger delegation of 50 members will visit Zimbabwe in September as a sign of confidence in Harare.

India’s Ambassador to Zimbabwe Vijay Khanduja hailed the strong bilateral relations between the two countries, which date back to the period of the Munhumutapa Empire.

He said Zimbabwe offers vast opportunities due to its diverse mineral wealth, an educated

population and stable political environment.

At US$200 million a year, the Indian Ambassador said there was huge scope for growth of trade between the two countries.

Zimbabwe exports minerals, especially gold and diamonds, tobacco and leather products, among others, to India while the Asian country exports pharmaceuticals and machinery, among other products, to Harare.

Ambassador Khanduja called for the removal of third parties in trade between the two countries especially in diamond trade saying this was distorting trade statistics.

Founder and chairman of First Capital Bank, Mr Hitesh Anakdat, said Zimbabwe had emerged from its challenges and offers the best investment opportunities at the moment.

The FCB acquired a controlling stake in the local operations of Barclays Bank nearly three years ago.

“At this point in time, if I was an investor from India, Zimbabwe would be my number one priority. There is an air of confidence because of the stability in the last year and Zimbabwe has a lot to offer,” he said.

Industry and Commerce Deputy Minister Raj Modi said Zimbabwe has a lot to offer to investors and reiterated that the country was open for business, with security for investors.

ZNNC president Dr Tinashe Manzungu said the Indian delegation was welcome to invest in Zimbabwe.

He said his organisation was willing to facilitate trade and business relations between the two countries.

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