Receiving an investment by Chinese company
Dinson Iron and Steel Company under the Tsingshan Holding Group, a steel
factory in Zimbabwe started construction on Thursday. The steel factory is
located in the Mvuma, Midland Province of the African country. Zimbabwean
President Emmerson Mnangagwa attended the groundbreaking ceremony, Xinhua News
Agency reported on Saturday.
During the ceremony, Mnangagwa said that thanks to
this new facility, Zimbabwe will have one of the largest steel factories in the
African continent and its annual steel output is expected to reach 600,000
tons.
He said the steel factory project was a milestone
for Zimbabwe to step into modernization and industrialization. The mineral
industry is one of Zimbabwe's pillars and Mnangagwa believes that the factory
will be a catalyst in the development of the domestic mineral industry, which
will help Zimbabwe to become an energetic industrial center.
According to the data from China's General
Administration of Customs, trade between China and Zimbabwe in 2021 hit a
record high of $1.882 billion, recording a year-on-year growth of 34.7 percent.
Top Zimbabwean exports to China are tobacco leaves, cotton, ferrochrome and
copper, while electromechanical products, computer and communication technology
and textile products are the biggest Chinese exports to Zimbabwe.
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