ZANU PF spokesperson Ambassador Christopher Mutsvangwa has said Zimbabwe needs Chinese investments to stabilise the Zimbabwean dollar saying the indigenisation programme will take the country nowhere.
Zimbabwe’s Indigenisation Programme which was being spearheaded by exiled former Minister Saviour Kasukuwere was premised on giving first preference to local companies and investors.
He made the remarks while speaking at a Medical and Dental Private Practitioners of Zimbabwe (MDPPZ) annual conference held in Mutare recently. He said:
What’s going on in Chivhu today in Mvuma, Africa has never seen anything like that in terms of investment. We are going to become in the top ten in the whole world in terms of production of steel in the next three to five years. We are going to produce something like 15 to 20 million tonnes.
We have great deposits and we have identified a top company in the world of making steel and even America does not have a company like that.
We are going to have new ports in Mozambique to export steel bigger than in Chimoio. Urbanisation is the way to go. Zimbabwe is open for business hence we need capital in Zimbabwe so that people will stop going to the diaspora.
The indigenisation programme which was spearheaded by Kasukuwere will take us nowhere. We shall build a new town in Mvuma in short period of time through this steel project.
Tsingshan signed a billion-dollar agreement with Zimbabwe in June 2018 with an aim to set up a two-million-tonne-a-year steal plant.
The Chinese company, courtesy of its Zimbabwean subsidiary Afrochine, is currently producing ferrochrome which will also be used in the production of steel.
Mutsvangwa also claimed that Western countries were manipulating the Zimbabwe dollar so that the southern African country stays without its own currency.