Mnagagwa efforts to rebuild Zimbabwe promising

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Zimbabwe’s President Emmerson Mnagagwa believes his efforts to rebuild his country’s economy and turn it into a middle class economy by 2030 are already under way and taking shape.

Mnangagwa was speaking at the official opening ceremony of a $30 million plant of one of the world’s leading beverages producer in the country’s capital Harare.

Varun Beverages Limited, an Indian firm, which makes Pepsi products, intends to invest more in the country and diversify beyond beverages.

Another show of confidence in the new administration, Varun Beverages officially opened its $30 million industrial plant, with an outlay of 19 000 cases of Pepsi drinks per day.

Mnangagwa said the investment is timely and in line with his administration’s efforts to modernise the economy.

“This is the Zimbabwe we want, a Zimbabwe full of optimism, freedom and hope. We thank you for partnering with our country as we seek to rebuild, revitalize and grow our economy through leveraging on relationships from across the world,” says Mnangagwa.

The president has also called on prospective local and foreign investors, to start implementing deals agreed upon.

“I urge all stake holders and prospective investors to speedily facilitate the consummation of the investment discussions and negotiations relating to possible investments in the sugar industry value chain as these are set to contribute to the growth of our economy. Let me once again invite more companies both local and foreign to join us in this journey of progress and a new wave of prosperity for all our people in Zimbabwe.”

Investors believe Zimbabwe’s current economic climate is ripe for investment.

“I think Zimbabwe will move to the right direction and we are willing to wait and invest in this country until it gets corrected for the next few years,” says Varun Beverages Chairman, Ravi Jaipura.

And that the country’s challenges have not deterred potential investors.

“The first problem that the country has is the foreign exchange availability. You cannot set up business without the money to go back. That is the biggest challenge that the country is facing today and I don’t see an immediate correction to it.”

The company has already spent $22 million on phase one of the plant. And more capital is expected to be invested as the project progresses.

Phase two is expected to be completed by September this year.

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