Zimbabwe, China Strengthen Economic Ties Further

Rutendo Mazhindu—ZimNow Reporter

Zimbabwe and China today reaffirmed their commitment to deepening economic cooperation through enhanced dialogue and strategic investment during the Zimbabwe-China Business Roundtable Discussion held at the Golden Peacock Villa Hotel in Harare.

Speaking at the event, Southern African Research and Documentation Centre (SARDC) Executive Director Munetsi Madakufamba said the roundtable builds on the momentum from the first discussion, which laid the groundwork for strengthening business ties between the two countries.

“It is my honor and privilege to welcome you to the second Zimbabwe-China Roundtable Discussion on Strengthening Zimbabwe-China Business Cooperation,” he said.

“Today, we build on the momentum from that discussion and continue our dialogue on promoting closer cooperation and mutual understanding.”

Madakufamba noted that the Zimbabwe-China relationship spans over 45 years and reached its peak in 2018 when it was elevated to a Comprehensive Strategic Partnership of Cooperation, the highest level of cooperation between the two countries.

“While we have made significant progress in economic cooperation, there are opportunities to strengthen business collaboration and deepen mutual understanding through dialogue and exchange of knowledge and experiences,” he said.

SARDC co-hosted the event with the China Zimbabwe Exchange Centre, and its Institute for China Africa Studies in Southern Africa (ICASSA) played a key role in organizing strategic dialogues.

The discussions highlighted the importance of Chinese foreign direct investment in driving Zimbabwe’s economic development.

According to the Zimbabwe Investment and Development Agency, over 50% of foreign investors currently operating in Zimbabwe are from China.

“Chinese investment has been a significant driver of economic growth,” Madakufamba said. “China’s ‘going out’ strategy has led to increased investment flows into Africa, with Zimbabwe emerging as a key destination.”

He stated that Chinese investment helps bridge Zimbabwe’s resource gap, supports industrialization efforts, and contributes to job creation.

“Chinese FDI provides stable, long-term funding, technology, and access to international markets, essential for our economic progress,” he said.

The $1.5 billion investment in the Manhize Steel Plant, which is expected to create over 3,000 jobs, was cited as an example of how Chinese investment contributes to job creation and stimulates economic activity.

Chinese investors have also been instrumental in infrastructure development, including power lines, roads, schools, and clinics, particularly during times when Zimbabwe faced Western-imposed economic sanctions.

“Chinese investments have contributed substantially to our economic growth and development,” said Madakufamba.

“However, we acknowledge the challenges, including concerns over the environmental, labor, and social impact.”

He concluded by calling for balanced policies that attract investment while safeguarding local human capital and the environment.

“For Zimbabwe to ensure that policies are competitive and attractive to investors while protecting local interests becomes crucial,” he said.