HARARE, Feb. 24 (Xinhua) -- Zimbabwean President Emmerson Mnangagwa on Monday attended the groundbreaking ceremony for a Chinese-invested industrial park, hailing it as a boost to the southern African country's industrialization.
The Palm River Energy Metallurgical Special Economic Zone in Beitbridge, Matabeleland South Province, with a 3.6-billion-U.S.-dollar investment by Chinese company Xintai Resources, will be implemented in five phases over 12 years, targeting to produce chromium-based materials and coke.
"It is my expectation that the Palm River Energy Metallurgical Special Economic Zone project will play its part as a critical block for our nation's industrialization and modernization. We look forward to this project helping to drive our national economy forward and unlocking unprecedented opportunities for employment, technological progress, and social development," said Mnangagwa.
He said the project is a huge boost to Zimbabwe's path to industrialization as it integrates energy and metallurgy, two critical sectors with the potential to redefine the country's industrial landscape.
"These integrated systems and processes highlight the drive toward issues of sustainable mining, low greenhouse gas emissions, low waste production, and energy self-sufficiency through recycling of the resultant waste," said Mnangagwa.
According to the president, domestic mineral value addition ensures that Zimbabwe derives maximum benefits from its abundant natural resource endowments.
"To this end, the promotion of revenue from exports, job creation, economic diversification, industrial development, reduced dependence on raw commodity prices, technological advancement, and improved local infrastructure development should be scaled up," Mnangagwa said.
"We are dedicated to prioritizing enhanced investments in exploration and, most importantly, value addition of minerals driving toward industry development and economic growth," he added.
In 2018, Mnangagwa declared Beitbridge a special economic zone to enhance foreign direct investment and improve local business competitiveness.
A single purchase
