Zimbabwean President Launches Major Chinese-Invested Industrial Park in Beitbridge

Zimbabwe has launched the Palm River Energy Metallurgical Special Economic Zone in Beitbridge, backed by a $3.6 billion investment from Chinese company Xintai Resources. The project, which will be executed in five phases over 12 years, aims to produce chromium-based materials and coke, prioritizing sustainable practices and economic growth.

The Palm River Energy Metallurgical Special Economic Zone has been launched in Beitbridge, Matabeleland South Province, with an investment of $3.6 billion from the Chinese company Xintai Resources. This development is set to unfold in five phases over a span of 12 years, focusing on the production of chromium-based materials and coke. President Mnangagwa expressed his anticipation that this project will significantly contribute to Zimbabwe’s industrialization and modernization efforts, driving economic growth and creating employment opportunities.

President Mnangagwa highlighted the strategic importance of the project as it merges the energy and metallurgy sectors, potentially transforming the country’s industrial landscape. He emphasized that such integration is vital for advancing sustainable mining practices, reducing greenhouse gas emissions, and fostering energy self-sufficiency through waste recycling. According to the President, maximizing the added value of domestic minerals enables Zimbabwe to fully leverage its abundant natural resources.

The President called for enhanced initiatives to promote revenue from exports, job creation, economic diversification, and technological development. He stated that increased investments in mineral exploration and value addition are imperative for driving industrial development and facilitating economic growth. In 2018, he designated Beitbridge as a special economic zone, aimed at attracting foreign direct investment and enhancing local business competitiveness.

The inauguration of the Palm River Energy Metallurgical Special Economic Zone marks a significant step towards Zimbabwe’s industrialization. With substantial investment and a clear focus on sustainable practices, this project is expected to generate economic opportunities and foster technological advancement. The government’s commitment to enhancing local infrastructure and optimizing the use of natural resources bodes well for the future of Zimbabwe’s industrial landscape.

Original Source: www.zawya.com