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China remains Zimbabwe’s biggest investor
July 3, 2013, 10:04 am

[Getty Images]

Zimbabwe is recovering from a decade-old economic meltdown [Getty Images]

China remained Zimbabwe’s largest investor during the first five months of this year, says the government’s investment promotion agency.

The Asian nation accounted for 74 per cent of the $134 million of foreign direct investment (FDI) flowing into the country, according to Zimbabwe Investment Authority.

Chinese businesses invested $81.2 million in the manufacturing sector, and another $16 million in the mining sector between January and May this year.

Mauritius and South Africa are the other top investors, injecting $11 million and $7 million respectively.

Zimbabwe is recovering from a decade-old economic meltdown.

The southern African country’s Finance Minister Tendai Biti abandoned the Zimbabwe dollar in 2009 following hyperinflation that the International Monetary Fund (IMF) estimates hit 500 billion per cent.

Foreign investment slowly began to trickle into Zimbabwe after the abandonment of its currency.

Last year Zimbabwe Investment Authority approved $929 million of FDI, 72 per cent of which was from China.

Biti said last month that uncertainty around the general elections had been holding back the country’s economic growth so far this year.

Source: Agencies

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