Investment needs on the table

Two of Zimbabwe's Cabinet Ministers on Tuesday outlined their need for investment and investment opportunities to more than 30 Indian business tycoons.

The business executives were attending the one-day "Doing Business In Zimbabwe – Investment Opportunities and Challenges" Conference.

Jospeh Made, the Minister of Agriculture, told the Indians that his ministry had "numerous investment opportunities in the inputs sector".

"This is the sector which I think has the best potential," Made said. "There is tremendous growth and we also have investment opportunities in agricultural mechanisation and tractors for the country. We need about 50 000 tractors of various types from India and so this also provides opportunities in the spare parts sector."

On the sidelines of the conference, however, Mike Ndudzo, the General Manager of the Industrial Corporation of Zimbabwe Limited, told The Zimbabwean that the country had a deal with the Malaysians for tractors.

Minister Made also said his ministry needed massive investment from the Indians in irrigation development.

"We have 5 million hectares of irrigation development," he said. "We also need investment in rehabilitation, modernisation and developing new infrastructure because most of our equipment is very old."

The Minister of Energy and Power Development, Elton Mangoma, told the Indian business executives that his ministry needed "massive investment because of the many opportunities in the energy sector".

He, however, quickly admitted that the cash-strapped Zimbabwe Electricity Supply Authority, which falls directly under his ministry, had no "cash and could not collect its dues on time".

"Our generators are not fulfilling their work. Our capacity has, however, gone up and is at the highest for many years right now. In fact it is the highest for about 10 years, but because of load-shedding people do not realise this."

Wapcos was among the top firms that attended the one-day conference from India.

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