Philemon Jambaya
In a major development promising to revitalize Zimbabwe’s infrastructure and create thousands of jobs, Labenmon Investments (PVT) LTD and China's West International Holding (WIH) have jointly announced plans for $1 billion building materials industrial parks.
This ambitious project, set for completion within two years, is poised to be a significant milestone in the country's economic trajectory.
The industrial parks will be developed in two phases, each addressing a critical need within Zimbabwe's construction industry.
The first phase, located in Karoi, will see the construction of a state-of-the-art cement plant with an annual output of 2.7 million tons.
This substantial domestic production capacity will directly tackle the existing gap in cement availability, potentially saving Zimbabwe millions of dollars in foreign exchange previously spent on imports.
Additionally, a supporting 100MW power generation unit will be built alongside the cement plant, ensuring a reliable and independent energy source for the facility.
The second phase, to be established in Bulawayo, will focus on further expanding domestic cement production with a modern grinding station boasting an annual capacity of 900,000 tons.
This strategic move will not only bolster Zimbabwe's infrastructure development projects but also create a ripple effect throughout the economy, stimulating local businesses and generating employment opportunities.
Beyond the direct economic benefits, the project is expected to create around 5 000 jobs, a significant boost to Zimbabwe’s workforce and a potential catalyst for alleviating poverty within local communities.
Furthermore, the increased domestic cement production is anticipated to significantly raise US dollar tax revenue for the government, providing valuable resources for further development initiatives and infrastructure projects.
“This project is a testament to the growing confidence of international investors in Zimbabwe’s economic potential,” remarked a Zimbabwean government spokesperson.
“We are fully committed to providing the necessary support to ensure the successful implementation of this project and others like it, as they represent a vital step towards our national development goals.”
WIH, a subsidiary of the Hong Kong-listed West China Cement Limited, brings proven expertise and a successful track record to the table, with existing projects across Africa in countries like Ethiopia, Uganda, Rwanda, and Mozambique.
Their expansion into Zimbabwe signifies the country's increasing attractiveness for foreign investment and its potential as a hub for infrastructure development in the region.
The signing of the agreement between Labenmon Investments and WIH marks a significant milestone in the deepening economic cooperation between China and Zimbabwe.
With the combined expertise and resources of both parties, the building materials industrial park project holds immense promise for a bright future.
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