India promises to transform Zimbabwean economy
The Indian government has pledged to transform and grow Zimbabwe’s economy after a decade of recession, provided the country guarantees a conducive business environment. First secretary at the Indian Embassy in Harare, Mr Mukesh Kumar, said India was prepared to share the experience and technology that has transformed the Asian country with Zimbabwe.
Mr Kumar pledged Indian companies would transform and set the local economy on a growth trajectory within five years, if the right conditions were put in place. He was speaking at a Zimbabwe-India investment conference in Harare on 9 January 2012 after a visit by an Indian business delegation to Zimbabwe.
The delegation included Minister of Industry, Commerce and Textiles Mr Anand Sharma. Mr Kumar said it was baffling how and why a resource-rich country such as Zimbabwe regarded itself as poor and how it failed to make use of its resources.
He cited a literacy rate above 90%, over 40 mineral occurrences, massive agricultural potential and basic infrastructure as some of the country’s advantages. Mr Kumar said Zimbabwe had untapped potential in agriculture, mining, manufacturing and tourism which had not been publicised to investors.
“We are committed to relations with Zimbabwe,” he said. “India is pleased to support, assist, rebuild and increase investment in Zimbabwe.”
Mr Kumar also said Zimbabwe had “issues to sort out” in order to attract foreign direct investment – including negative perceptions on the country. Zimbabwe needed policies to protect vulnerable industries such as textiles and leather to cushion them from destructive external competition, he said.
He also urged the country to avoid “discouraging policies” such as banning raw mineral exports before operators established capacity for value addition.
