Inspenet, November 5, 2023.
Investment requests from China stood out in both quantity and value of investment, with marked interest in the mining sector, closely followed by the manufacturing sector, the Zimbabwe Development Agency said in its report on Wednesday. China accounted for more than two-thirds of the 180 applications submitted.
The projected investment, which amounts to ten times more than the $271 million promised in the same period last year, far exceeds that of its closest competitor, the United Arab Emirates, which has historically licensed investments worth of 498.5 million dollars. The total value of investment licenses granted reached $3.41 billion.
Chinese companies have been acquiring lithium mines, which provide an essential component for batteries used in electric vehicles. In addition, they have participated in the modernization and construction of power plants in the country. Of the projected investment, 2.8 billion dollars are allocated to energy-related projects, and 411 million dollars to the mining industry.
One of the Chinese-backed projects involves a planned $2.3 billion energy and mining complex that will process minerals at Mapinga. Another project is a 500-megawatt solar power plant.
According to the Ministry of Mines, the country has earned revenue from lithium exports totaling $209 million during the nine months ending in September.
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