currency indian.jpgIndia has one of the fastest growing economies in the world recording a foreign direct investment of US$27 billion with exports reaching US$245.5 billion dollars in one year.
This global economic giant has expressed interest in investing in Zimbabwe’s economy.

In a bid to explore investment opportunities in the country the 30 Indian business delegation which is rich in different expertise from various portfolios met government officials to get an understanding on investment procedures.

India being one of the emerging economies in the world, the visit presents a great opportunity for the local business people to forge mutual partnerships towards boosting the country’s economic growth.

Last year, India invested US$33 billion in Africa in such sectors as mining, steel industry, agriculture, pharmaceuticals among others.

India Minister of State for Commerce and Industry, Mr. Jyotiraditya Scindia said the delegation which is in Zimbabwe is interested in investing in renewable energy, mining among other sectors.

Zimbabwe can greatly benefit through investment by India in critical sectors, says Confederation of Indian Industries’ head of delegation, Mr. Sanjeev Agarwal.

Foreign Direct Investment has been the missing link in the country’s economy recording only US$140 million last year.

The coming on board of serious investors of this nature is an advantage for the local economy.

Permanent Secretary in the Ministry of Economic Planning and Investment Promotion, Dr Desire Sibanda assured Indian Investors that now is the time to invest in the country as it boasts of one of the highest growth rates in Sub-Saharan Africa.

Some of the sector which needs massive investment such as mining  are already on an upward trend with the mining sector last year recording 44% growth rate.

Agriculture recorded 33% and contributed 40% of the country’s total export earnings while supplying 60% of raw materials to the manufacturing industry.

While in the past, the 3rd World’s eyes had been fixed on the 1st World trends have changed with China and India being the future.
In all this what is clear is that, Zimbabwe’s decision to look east has been vindicated.