Zimbabwe has cast its nets wider for Foreign Direct Investment (FDI) from Russia as International Financial Institutions snub the country. President Emmerson Mnangagwa was recently forced to intervene in a platinum project involving Russian shareholders and local shareholders.
While speaking on a Capital Talk radio show on Wednesday, presidential spokesperson George Charamba said:
Zimbabwe was looking at engaging the business community. In an environment where we are not able to get input from IFI, it means we must target FDI which is why it was critical to try and engage the business chambers of Russia.
Russia has not had much contact with Southern Africa. We are trying to get Russia into Southern Africa and having Zimbabwe as the centre of its own operation by way of capital and by way of technology.
There is a Russian project which is close to Darwendale. It has been mothballed for too long because of a shareholding misunderstanding. This was not good for us because this is a fabulous resource. The President went all- out to resolve this matter and happily it was resolved.
Mnangagwa recently visited Russia, Belarus, Azerbaijan and Kazakhstan seeking for investment inflows.