India to assist Zim recovery

The Indian Embassy first secretary, Mukesh Kumar, said his government had pledged to invest in various sectors of Zimbabwe’s economy in a bid to assist the struggling economy.

“India is willing to provide support to Zimbabwe whether it is capital investment or technical support in various sectors of the economy,” he said. “In less than five years we can turn around this economy.”

The two countries have already signed a Bilateral Investment Promotion and Protection Agreement which is yet to be ratified. Essar Africa Holdings of India announced plans to invest up to $750 million in Ziscosteel, now New Zim Steel which the Indian company bought from the government.

Over the past three years, trade between India and Zimbabwe amounted to less than US100 million.

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