The Minister for Industry and Commerce Mangaliso Ndlovu on Monday revealed that there are sticking issues that need to be ironed out between the government and a Chinese investor over the revival of the Zimbabwe Iron and Steel Company (ZISCO).
Chinese investor R and F is set to invest in the $1 billion parastatal if the deal sails through.
Speaking to State Media, Minister Ndlovu said:
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There was an old standing agreement but we were just working on making sure all the parties understand the terms.
We had issues that we needed them to clarify and we are still at that process. We want to make sure there is a win-win situation.
We can’t have an agreement where we are not confident of Zimbabwe coming out with something that’s why we are looking at it clause by clause.
… It is taking longer than we expected but I think very soon we should be making progress.
If we discover that the positions are far apart to reconcile we can open up again or find another option.
As it stands we have given them the issues that we need to be clarified and addressed and they are working on that. They were affected by their New Year holidays and soon we should be having progress.