The fruits of opening Zimbabwe for business are starting to show as evidenced by the official opening of Steel Brands in Harare today.
Over $12 million was invested in the project that is set to employ 450 people.
Speaking at the official opening ceremony, the Minister of Industry, Commerce and Enterprise Development, Dr Mike Bimha said this huge investment is a positive sign of confidence in the current and future prospects of the economy of Zimbabwe.
The Minister also called on investors to comply with the country’s laws and regulations, and discharge their manufacturing activities in a sustainable and responsible manner.
Steel Brands Public Relations Manager, Mr Rodwell Makuni said the investment by his firm is a welcome development for the country’s economic eco-system as the venture will greatly reduce the import bill on finished steel and will also enhance foreign currency generation through exportation of finished steel products into the region and beyond.
The establishment of Steel Brands is in line with the government’s local content policy which is part of government’s overall industrialisation strategy aimed at developing local value chains and linkages through utilisation of domestic resources.