IDCZ closes in on US$53m investment

By Ndafadza Madanha

THE Industrial Development Corporation of Zimbabwe (IDCZ) is on the verge of securing a US$53 million investment from a Chinese company for the construction of a high technology hub at its Sunway City project.

According to IDCZ public relations advisor Derek Sibanda the administration block is expected to be completed by the end of the year.

“We are in discussions with a Chinese company from the Gansu province that are into developing Special Economic Zones (SEZs) and are interested in investing US$53m in the construction of the high technology hub. We are expecting to close the negotiations soon and once that is done we will start with the administration block and expect to have completed it by year end,” said Sibanda.

He said the IDCZ required another US$40m to undertake the construction of a state of the art medical facility earmarked for the Sunway City project.

The Sunway City project is expected to be the pilot for Special Economic Zones in Zimbabwe and investors will enjoy fiscal and non fiscal incentives.

Sunway City project also encompass integrated industrial, commercial, residential, institutional and recreational parks.

Sibanda said IDCZ was scouting for other prospective investors from the region and beyond for some of its entities.

Among of the IDCZ entities which require capitalization include the Chemplex group which is scouting for a US$60m investment to retool and upgrade machinery.

He said Willowvale motor industry had returned to it pre 1990 status as a multi contract assembler and was pursuing negotiations with original equipment manufacturers to assemble vehicles locally.

Willowvale motor industries recently entered in joint venture with a Chinese auto manufacturer for the assembly of their vehicles locally and the partnership has met with success.

“The new joint venture is doing well as the vehicles are assembled locally to meet the conditions of our terrain. During the short period we have sold about 120 vehicles”.

He said the imminent finalization of the motoring industry policy by the ministry of Industry and Commerce will help in attracting investors into the sector.

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