Zimbabwean President Emmerson Mnangagwa launched a $3.6 billion Chinese-invested Palm River Energy Metallurgical Special Economic Zone in Beitbridge, aiming for industrial growth and job creation over the next twelve years. The project focuses on chromium-based production and integrates energy with metallurgy for sustainable practices.
The President of Zimbabwe, Emmerson Mnangagwa, inaugurated the Palm River Energy Metallurgical Special Economic Zone in Beitbridge, which represents a $3.6 billion investment from the Chinese firm Xintai Resources. This initiative is structured to unfold in five phases over a span of twelve years, with aims to manufacture chromium-based materials and coke. Mnangagwa underscored the project’s importance in facilitating the nation’s industrialization and economic advancement.
During the launch, President Mnangagwa stated, “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.” He expressed optimism that the project would catalyze economic growth, create jobs, foster technological innovation, and promote social development.
The President highlighted the significance of integrating energy and metallurgy, calling it crucial for reshaping Zimbabwe’s industrial landscape. He stressed that sustainable mining practices, lower greenhouse gas emissions, and waste recycling would be key tenets of this new industrial endeavor. Mnangagwa also noted that domestic mineral value addition is essential for the country to maximize the benefits of its rich natural resources.
Furthermore, he emphasized the need to boost exports, create employment, diversify the economy, and develop industry while reducing reliance on raw commodity prices. “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, the President had declared Beitbridge a special economic zone to stimulate foreign investment and enhance the competitiveness of local businesses.
The establishment of the Palm River Energy Metallurgical Special Economic Zone in Zimbabwe represents a strategic effort to promote industrialization and economic diversification. With significant investment from the Chinese firm Xintai Resources, the project is expected to create jobs and enhance technological advancements, while focusing on sustainable practices. President Mnangagwa’s vision aligns with the overall goal of maximizing the nation’s mineral wealth for its economic development.
Original Source: www.zawya.com
