President Emmerson Mnangagwa inaugurated the Palm River Energy Metallurgical Special Economic Zone in Zimbabwe with a $3.6 billion investment from Chinese firm Xintai Resources. The project aims to enhance industrialization and modernization, focusing on sustainable mining and energy self-sufficiency. Mnangagwa highlighted the importance of maximizing domestic mineral resources to drive economic growth and job creation, following the designation of Beitbridge as a special economic zone in 2018.
Zimbabwe’s President, Emmerson Mnangagwa, recently inaugurated the Palm River Energy Metallurgical Special Economic Zone in Beitbridge, Matabeleland South Province. This project, backed by a $3.6 billion investment from Chinese company Xintai Resources, will unfold in five phases over 12 years and aims to produce chromium-based materials and coke.
President Mnangagwa articulated his expectation for the special economic zone to serve as a pivotal element in Zimbabwe’s industrialization and modernization strategy. He believes it will stimulate the national economy while creating job opportunities and facilitating social development through technological advancement.
The President emphasized that this project significantly enhances Zimbabwe’s industrial framework by integrating energy and metallurgy—two vital sectors capable of transforming the nation’s economic landscape. He recognized the importance of sustainable mining practices and energy self-sufficiency through waste recycling, which are central to the project’s operational principles.
He further asserted the necessity of domestic mineral value addition to ensure that the country maximizes its abundant natural resources. President Mnangagwa remarked on the significance of boosting revenue from exports, fostering job creation, and driving technological progress alongside improved local infrastructure.
Moreover, the President reiterated Zimbabwe’s commitment to fostering investment in mineral exploration. Emphasis was placed on the vital role of value addition in promoting industrial development and economic growth within the nation. Notably, in 2018, he designated Beitbridge as a special economic zone to attract foreign direct investment and enhance local business competitiveness.
In summary, the launch of the Palm River Energy Metallurgical Special Economic Zone marks a significant advancement in Zimbabwe’s efforts toward industrialization and economic growth. With substantial investment and a focus on sustainable practices, this project is positioned to unlock numerous opportunities for the nation. President Mnangagwa’s vision emphasizes the importance of maximizing domestic resources and fostering technological and social development as critical components of Zimbabwe’s economic strategy.
Original Source: www.zawya.com
