Zimbabwe Launches Major Chinese-Invested Industrial Park in Beitbridge
Zimbabwean President Emmerson Mnangagwa announced the launch of the Palm River Energy Metallurgical Special Economic Zone, a 3.6 billion USD investment from Xintai Resources. This project, aimed at producing chromium-based materials and coke, will enhance industrialization, job creation, and technological progress over 12 years. Mnangagwa underlined the significance of integrating energy and metallurgy to foster sustainability and maximize resource benefits.
The Palm River Energy Metallurgical Special Economic Zone in Beitbridge, located in Matabeleland South Province, is set to receive a significant investment of 3.6 billion USD from Chinese firm Xintai Resources. Implemented over a span of twelve years in five phases, this project aims to produce materials based on chromium and coke.
President Emmerson Mnangagwa expressed his anticipation for the project to act as a pivotal component for the nation’s industrial modernization, contributing to economic growth, job creation, and technological advancement. He articulated the expectation that this initiative would unlock vital opportunities for social development within Zimbabwe.
The president emphasized that the project represents a monumental step toward the country’s industrialization by connecting energy with metallurgy—two sectors poised to transform the industrial framework of Zimbabwe. He noted that the integrated systems promote sustainable mining practices, reduced greenhouse emissions, and energy self-sufficiency through effective recycling methods.
Furthermore, Mnangagwa described the importance of domestic value addition to its minerals, advocating for Zimbabwe to realize maximum benefit from its plentiful natural resources. He urged for an increased focus on enhancing export revenues, job growth, industrial diversification, and the development of local infrastructure to strengthen the economy.
President Mnangagwa reaffirmed the commitment to prioritize investments in mineral exploration and value addition, aimed at driving industry growth and economic sustainability. In 2018, he designated Beitbridge as a special economic zone, reinforcing efforts to attract foreign investment while enhancing competitiveness for local businesses.
In summary, the establishment of the Palm River Energy Metallurgical Special Economic Zone signifies a substantial investment in Zimbabwe’s industrial future, fostering job creation and technological advancement. President Mnangagwa has articulated a vision for integrating energy and metallurgy to bolster the economy sustainably, highlighting the necessity for local value addition. The initiative is a crucial stride towards modernizing the nation’s industrial capabilities and promoting economic diversification.
Original Source: www.zawya.com
