Indiaâ€™s Minister of Industry, Commerce and Textiles, Mr. Anand Sharma is set to lead a 24-member business delegation into the country to explore investment opportunities in the local mining, manufacturing and financial sectors.The Indian business team which is set for Harare from the 8th to the 10th of January comprises representatives of about 24 companies from sectors such as manufacturing, energy, agriculture and mining.
The business team is expected to explore investment opportunities in the country and to cement bilateral investment ties under the recently ratified Bilateral Investment Promotion and Protection Agreement between the two countries.
In a statement, Permanent Secretary, Dr. Desire Sibanda confirmed the visit and said the interest by the Indian investors to invest in the country is critical in the realisation of increased Foreign Direct Investment levels from the current 4% of GDP to the projected 25% under the Medium Term Plan.
Confederation of Zimbabwe Industries Chief Executive Officer, Mr. Clifford Sileya said Zimbabwe stands to benefit from economic ties with India which is one of the fastest growing economies and a key member of the BRICS.
Trading relations between Zimbabwe and India is on a rebound and there are hopes that total bilateral trade between the two countries which has been hovering around US$60 million annually in the recent past will grow to over US$1 billion per annum.
Apart from Essarâ€™s investment into the New Zimbabwe Steel Company, India has openly supported the unconditional sale of the Marange diamonds despite the De Beers and the Westâ€™s bid to block the trade of the gems.