Zim, China seal investment MoUs
ZIMBABWE last Friday signed three Memoranda of Understanding with China’s Zhejiang Province as the country intensifies efforts to lure Chinese capital into the country. A Chinese delegation from the Zhejiang Province was in the country last week for the Zimbabwe–China Zhejiang Province Investment Conference where the MoUs were signed. One of the three MoUs relates to the Memorandum of Co-operation between China Council for the Promotion of International Trade Zhejiang and the Ministry of Macro-Economic Planning and Investment promotion.
Foreign currency situation improves
Zimbabwe’s foreign currency situation has significantly improved due to increased inflows from agriculture and mining, with the central bank allocating at least $100 million to banks weekly since the second week of April to meet critical foreign payments and settling outstanding obligations. The increased inflows of foreign exchange were also supported by draw-downs from the nostro stabilisation facility availed by the Afreximbank. The allocations, since the second week of April this year, entailed funded bank accounts only. This has significantly reduced the real demand for foreign exchange and reduced the foreign payments backlog by more than 50 percent to $185 million.
CZI rallies private sector to take lead on rand pricing
THE Confederation of Zimbabwe Industries (CZI) and the private sector are rallying behind the call to promote wider circulation of the South African rand to alleviate the prevailing cash shortage in the economy. Zimbabwe’s economy has been dominated by the United States dollar since adoption of the multicurrency system in February 2009. CZI president Mr Busisa Moyo said increased rand circulation was crucial in the economy as he challenged the private sector to clearly demonstrate why it was calling for the increased circulation of the rand.
CZI begin state of industry research in Midlands
INDUSTRY lobby body, the Confederation of Zimbabwe Industries (CZI), has partnered local academic institutions to do a research on the state of Midlands industries. The findings of the research and the recommendations, which are being done by Gweru and Kwekwe Polytechnic Colleges, will be presented to the office of Vice President Emmerson Mnangagwa. The research has been prompted by company closures in the province which used to boast many heavy industries mainly linked to the mining sector. The capacity utilisation of the few remaining companies has also plummeted.