KEY POINTS
- President Mnangagwa commissioned the $3.6 billion Palm River Energy Metallurgical project.
- The project integrates energy and metallurgy, promoting industrial growth and sustainability.
- China remains a major investment partner in Zimbabwe’s infrastructure and economic projects.
President Emmerson Mnangagwa has hailed a new $3.6 billion energy and metallurgy project as a strong endorsement of Zimbabwe’s position as a safe and attractive investment destination.
Speaking at the commissioning of the Palm River Energy Metallurgical project in Beitbridge on Monday, Mnangagwa praised the initiative as a key milestone in the country’s industrialization drive.
The project, spearheaded by the Chinese company Xinganglian, is part of the Beitbridge Special Economic Zone and is expected to boost energy production and metal processing.
Mnangagwa emphasized that this investment reflects the success of his administration’s engagement and re-engagement policies, which have encouraged foreign companies to invest in Zimbabwe.
“The progress we see here is a direct result of our government’s efforts to make Zimbabwe a favorable investment hub,” Mnangagwa said. “We welcome more companies, particularly from our strategic partners like China, to invest in our growing economy.”
Driving economic growth through energy and metallurgy
The Palm River Energy Metallurgical Special Economic Zone is expected to play a crucial role in Zimbabwe’s economic transformation.
Mnangagwa highlighted that the integration of energy production with metallurgy will create opportunities for employment, technological advancements, and sustainable development.
“I commend Xintai Resources, under the investment entity Xinganglian, for their bold decision to invest $3.6 billion into this project,” he said. “This initiative will help redefine our industrial landscape by focusing on energy self-sufficiency, low greenhouse gas emissions, and sustainable mining practices.”
According to ZBC News, the project aligns with Zimbabwe’s push to increase energy security and reduce reliance on imports.
By incorporating recycling and low-waste production methods, it aims to set a new benchmark for environmentally conscious industrial projects in the country.
China’s ongoing investment in Zimbabwe
The development of Zimbabwe through economic means has received significant support from China through active implementation of construction projects.
These include the Hwange 7 and 8 thermal power station expansion, the construction of Zimbabwe’s new Parliament building in Mt. Hampden, and upgrades to major airports.
Mnangagwa urged all mining companies to comply with Zimbabwean laws and to work for the benefit of local populations.
His declaration emphasized that foreign investments need to support Zimbabwean development through job generation and infrastructure progress.
As China continues to influence Zimbabwe’s industrial expansion, experts expect the Palm River Energy Metallurgical project to significantly boost long-term economic resilience.
