Home » Business » CHINESE FIRM TO DEVELOP SPECIAL ECONOMIC ZONE AT VICTORIA FALLS

HARARE, The Zimbabwe government and China National Machinery Import and Export Corporation (CMEC) have signed an agreement to form a joint venture company to develop, construct and operate infrastructure, tourism and hospitality industries for the Victoria Falls Special Economic Zone (SEZ).

Following promulgation of the Special Economic Zones Act, three such areas have been identified at Harare, Bulawayo and Victoria Falls, with the last being earmarked for development as a hub for tourism and leisure businesses.

The Policy Co-ordination and Promotion of Socio- Economic Ventures Minister in the President's Office, Simon Khaya Moyo, signed the memorandum of agreement on behalf of the Zimbabwe government here Thursday while Cao Yang represented CMEC, a State-owned corporation which has been operating in Zimbabwe since 2006.

Khaya-Moyo said a joint venture company would be formed to develop the Victoria Falls SEZ. It is in this light that through consultation with the Chinese Embassy, we as the Office of the President and Cabinet were able to identify the China Machinery Cooperation as the co-operating partner for the implementation of the Victoria Falls Special Economic Zone." he said.

The next stage the Office of the President and Cabinet expects is that a Joint Venture Company will be established to implement the Special Economic Zone. This joint venture Company will comprise the Victoria Falls Town Council, Mosi oa Tunya Development Company and CMEC.

The implementation of the SEZ will not be exclusive to the Joint Venture Company but will entail collaboration with other key stakeholders in government, in the Private sector as well as the communities living in the vicinity of the Victoria Falls.

Yang said his company had experience which would see Victoria Falls transform into a successful Special Economic Zone.

CMEC is experienced in the development of Special Economic Zones and is willing to join hands with the government of Zimbabwe to develop Victoria Falls into a new successful Special Economic Zone in Zimbabwe," he said.

We are going to help develop, construct and operate infrastructure, tourism and hospitality industries through this project to attract more visitors, more investments and stimulate the economy. We will make it an Emerald of Africa, he said.

Source: NAM NEWS NETWORK

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