Home » Politics » ZIMBABWE CHAMBER OF COMMERCE TO OPEN OFFICE IN INDIA TO BOOST RELATIONS, PROMOTE J-V

HARARE, The Zimbabwe National Chamber of Commerce (ZNCC) will later this month open an investment office in Gujarat, India, in a move aimed at promoting private sector relations and joint ventures between companies from the two countries.

It said in a statement here Tuesday that Zimbabwean businesses stood to benefit from the new Indian investment office.

The Gujarat Chamber of Commerce International is going to host a Zimbabwe Business delegation from Sept 25 to 29, 2017 in Gujarat, India, for the inauguration of the Zimbabwe Business Development and Investment Office in Ahmedabad, Gujarat, India. The meeting is also aimed at fostering private relations, increasing investment inflows and facilitating joint ventures, the ZNCC said.

The meeting is also expected to result in the signing of Memorandums of Understanding (MOUs) between the ZNCC, Gujarat Chamber of Commerce, Indian and Zimbabwean companies.

The companies will be drawn from the following sectors -- equipment, plant and machinery for small to medium sized operations, food processing, manufacturing, construction, ICT, medical equipment, pharmaceuticals, mining, gems and jewelry, among others, said the ZNCC.

Ministry of Industry representatives are also expected to attend the Gujarat meeting.

Three years ago, the Reserve Bank of Zimbabwe sent officials to India to study ways that the Asian country lured investment back home from its non-resident nationals.

Foreign Direct Investment (FDI) into Zimbabwe has been low over the years owing to a number of reasons, including portrayal of the country as an unsafe investment destination by sections of the Western media.

Investors have also been shunning Zimbabwe because of negative perceptions of the country's indigenization and empowerment laws which seek to economically empower locals when it comes to exploitation of natural resources.

The government is pursuing various initiatives to boost FDI inflows into the country with the Look East policy being one of the initiatives.

Source: NAM NEWS NETWORK

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