Indian mining firms have finalised proposals to establish projects in Zimbabwe ahead of approval by regulatory authorities in the next few weeks.
India and Zimbabwe bilateral ties are expected to increase following interest by the Asian economy firms on the local resource extraction sector.
An Indian investor Mrs Meghanna Reddy says while India is well-known for its vibrant steel industry as well as diamond polishing and cutting value chain, there are still opportunities in Zimbabwe’s gold, manganese and chrome sectors that need to be fully explored.
“We are looking into the prospects of setting up projects in the local mining sector to unlock more value and benefits,” she said.
Another Indian investor Mr Varun Datta says with concerns over the trade balance which is in favour of the Asian nation, proposed strategic alliances or partnerships with local mining companies will also enable zimbabwe to benefit.
“We know there is a trade imbalance which is however not all that good for this economy, but we hope all will be solved in the future,” Mr Datta said.
Zimbabwe-India Chamber of Commerce President Mr George Chitsinde says the finalisation of mining project proposals by the Indian firms reflect progress being made by the government in ensuring vast mineral resources worth millions of dollars are explored.
“More can still be done but we anticipate further progress in tapping resources and unlocking value in terms of mineral development,” said Mr Chitsinde.
The interest by the Indian business people in the mining sector is being made after the Zimbabwe-India Business Forum held last month where several memoranda of understanding (MOUs) in key productive sectors were concluded.