The Government of Zimbabwe and India, have now launched an Indo-Zimbabwe Chamber of Commerce.
The two nations are also expected to sign a Bilateral Investment Promotion Agreement (BIPA) on Thursday.
Jyotiraditya Scindia, the Indian Minister of State for Commerce and Industry, said: "India and its friend Zimbabwe have now formed the Indo-Zimbabwe Chamber of Commerce which are launching today.
"We are breaking new grounds. We are also breaking new heights."
Scindia was addressing more than 400 delegates attending the one-day investment conference on – "Doing Business In Zimbabwe – Investment Opportunities And Challenges" – held in Harare.
About 30 Indian business executives joined their Zimbabwean business partners at the event – the first to be held since Independence in 1980.
Scindia, who later paid a courtesy call on Vice President Amai Joice Mujuru at her offices, said India, Africa and Latin America were the new economic engine drivers in the world today.
He said bilateral trade and investment relations with Zimbabwe had doubled within four years and currently stood at US$165 million.
At the same one-day investment conference, Dr Desire Sibanda, Permanent Secretary in the Ministry of Economic Planning and Investment Promotion confirmed that India and Zimbabwe would soon sign a Bilateral Investment Promtotion Agreement (BIPA).
Dr Sibanda said: "I can confirm that the Government of Zimbabwe and our Indian counterparts will sign the BIPA on Thursday.
"We will definitely be signing BIPA with India and I can safely tell the Minister of Industry and Commerce, Professor Welshman Ncube, that the signing will be done after the necessary changes have been made in the Parliament (House of Assembly).
"We are also seriously looking into more projects from the India/Africa Investment Programme where Zimbabwe stands to benefit tremendously. indeed we are breaking new ground with the Government of India."
Professor Ncube, President of the MDC political party, also attended the investment conference in his capacity as a Cabinet Minister in the Government of National Unity (GNU).
The investment conference comes less than a week after a Zimbabwe Mining Indaba was held at the five star Rainbow Towers Hotel, also in Harare, which, however, riled some Bulawayo-based mining and business delegates.
"Why should everything be held in Harare," a disgruntled delegate attending the third Zimbabwe Mining Indaba asked astounded delegates during the Question and Answer Session.
"I hope the organisers hold the next one in Bulawayo which also has lots of hotel space and sufficient organisational skills. Why should everything, including paperwork for small things be done in Harare?"
Richard Mbaiwa, the Zimbabwe Investment Authority (ZIA) Chief Executive, said he hoped BIPA would help speed up trade and investment proposals and relations between India and Zimbabwe.
"That is exactly why we set up the 'One Stop Shop' at ZIA," Mbaiwa said.
"Projects were taking too long and we decided to have everything under one roof. We have reduced the number of days by which a project can get approval from us from about three months to just under four working days right now at the One Stop Shop.
"I am very glad that the BIPA deal is near finalisation and will be signed soon."
Mbaiwa told the Indian business executives that in about four years the trade held between the two nations amounted to US$1 billion, most of it coming from the Essar Limited Group.
This Group has invested heavily in the former problematic Zisco Steel (Limited, now known as New Zimbabwe Steel Holdings Limited.
"Zimbabwe is ripe and ready for investment and I sincerely believe that the returns are here," Mbaiwa said.
The Essar Holdings Group from India had a very strong Indian representation at the one-day investment conference held in Harare.
Post published in: Business