EMBASSY OF INDIA

ZIMBABWE

BUSINESS GUIDE ON ZIMBABWE

Table of Contents

Foreword ...................................................................................................................................... 22
1. Outline of Zimbabwe ................................................................................................................ 33
2. India Zimbabwe Trade and Economic Relations............................................................. 77
3. Update on the Indigenisation Program ............................................................................ 10
10
4. Zimbabwean Economic Review........................................................................................... 13
13
5. Investing in Zimbabwe – an outline .................................................................................. 18
18
6. Role of the Zimbabwe Investment Authority .................................................................. 23
23
7. Opening a Representative Office ........................................................................................ 25
25
8. Investment Opportunities .................................................................................................... 27
27
8.1. Investment Opportunities for Indian Investors ......................................................... 27
27
8.2. Investment Opportunities for Zimbabwean Investors ............................................. 30
30
9. Indian Investors in Zimbabwe......................................................................................... 37
36
10. Zimbabwe-India Trade Data ............................................................................................ 40
39
10.1. Table 10.1 Zimbabwe`s trade with India (2012-2014) ........................................ 40
39
10.2. Table 10.2 Zimbabwe`s exports to India (2012-2014) ........................................ 40
39
10.3. Table 10.3 Zimbabwe`s top 20 imports from India (2012-2014) ..................... 40
39
10.4. Table 10.4 Zimbabwe`s top 50 imports sources from world (2012-2014) .... 41
40
10.5. Table 10.5 Zimbabwe`s top 50 export destinations (2012-2014) .................... 43
42
10.6. Table 10.6 Zimbabwe`s exports to world (2012-2014)........................................ 44
43
10.7. Table 10.7 Zimbabwe`s top 100 imports to world (2012-2014) ....................... 46
45
11. Useful Zimbabwean Contacts ......................................................................................... 50
49
12. Useful Contacts of Organisations in India .................................................................. 53
52

ZIMBABWEBUSINESSGUIDE2016 1
1. Outline of Zimbabwe

Land

Republic of Zimbabwe is a landlocked country in southern Africa, lying

between the latitudes of 15˚ & 22˚ South and longitudes 25˚ and 34˚ East. It
borders Zambia to the North & Northwest, Mozambique to the East, South
Africa to the South and Botswana to the Southwest. It is part of the great
plateau that traverses the subcontinent of Africa. The name Zimbabwe has
been derived from "Dzimbadzamabwe", which means "great houses of stone",
in the Shona language. It is based on the stone structures of Great
Zimbabwe or Dzimbahwe, which were included in the World Heritage List in
1986.

Topography and Climate

Its total area is 3, 90,757 Square Kms and its time zone is GMT + 2hrs or it
is - 3 ½ hrs. IST. Almost the whole country lies more than 300m above sea
level. Nature has given Zimbabwe one of the finest climates in the world;
warm without being oppressive and with a daily average of bright sunshine
ranging from four to ten hours all the year round. The altitude of the
country moderates the tropical temperatures while its inland position keeps
the humidity comfortably low. Generally speaking, the days are bright and
sunny, the nights clear and cool. June and July are fairly cold months with
temperature variation between 7˚ C in the night to 21˚ C in the daytime. In
summer months, the temperature rarely exceeds 35˚ C. The rainy season is
from October to March with an annual rainfall of about 75 to 80 cms.
Lightning strikes often, resulting in as many as 200 deaths each year.

Weather in Harare

Zimbabwe is blessed with excellent sub-tropical highland climate because

the country is situated on a raised plateau, which is why this country is
relatively cooler than its neighbours. The average temperature is 17.95˚ C
(64.3˚ F). There are three main seasons: a warm, wet season from
November to March/April; a cool, dry season from May to August; and a hot,
dry season in September/October. Daily temperature ranges between 7˚-22˚
C (45˚-72˚ F); in July (the coldest month), about 6˚-25˚ C (43˚-77˚ F); in
October (the hottest month) about 25˚-32˚ C (77˚-90˚ F). Average annual
rainfall is 825 mm in the southwest, rising to 855 mm on the higher land of
the northeast.

Historical Background

Southern Rhodesia came into being in 1890 with the arrival of European
settlers from South Africa led by the famous personality of Southern Africa -
Cecil John Rhodes. In 1923, Britain made Southern Rhodesia a self-

ZIMBABWEBUSINESSGUIDE2016 3
 governing colony. In 1953, Central African Federation was created by
amalgamating Northern Rhodesia (present day Zambia), Southern Rhodesia
(presently Zimbabwe) and Nyasaland (presently Malawi). Following the
independence of Malawi in 1963, and Zambia in 1964, the white settler
minority in Rhodesia tried to perpetuate its privileges in Zimbabwe (then
southern Rhodesia) through a Unilateral Declaration of Independence (UDI)
from Britain. The African majority population responded with a bitter and
long drawn-out freedom struggle under the leadership of the Zimbabwe
African National Union (ZANU) led by Herbert Chitepo, Josiah Tongogara
and Robert G. Mugabe and the Zimbabwe African People‘s Union (ZAPU) led
by Dr. Joshua Nkomo and Josiah Chinamano. In 1979, after unsuccessful
attempts at negotiations, a conference was convened in London to work out
a settlement. This conference led to the Lancaster House Constitution,
which provided for the Independence of the country.

Map of Zimbabwe

Total Area: 3, 90,757 Square Kms

Population
13.06 Million (Census 2012); Male 6.28 million, Female 6.78 million. Sex
ratio: 930 males per 1000 females. Population Growth rate: 1.1 %( 2002 -
2012), Total fertility rate: 3.8, Infant Mortality rate: 64 deaths per 1000
births (for 2012), Average size of Household: 4.2, Population density: 33 per
sq. km. Literacy: 96%

4 ZIMBABWEBUSINESSGUIDE2016
Ethnic groups: African 98% (Shona 82%, Ndebele 14%, other 2%), mixed
and Asian 1%, white less than 1%. Religions: syncretism (part Christian,
part indigenous beliefs) 50%, Christian 25%, indigenous beliefs 24%,
Muslim and other 1%.

Languages: English (official), Shona, Sindebele/Ndebele, numerous tribal

dialects.

The World Population Rank is 72, while the population growth rate is 4%,
which is sustainable given the size of the economy. Within the African
context, the rank of population growth is 23. Zimbabwe also has a
significantly young population and this reflects an opportunity for
introducing products and services targeting this tech-savvy generation of
young urbanites.

Electrical system

The electricity is AC 220-240 Volts (U.S./Canada are 110-120 Volts). There

are principally two types of electrical sockets (outlets) used in Zimbabwe: the
"Type G‖ British BS-1363 and the "Type D" Indian (old British BS-546 5
amp "small") sockets. There are plug adapters available for 110-120V
appliances.

Indian Community

The beginning of Indian presence in Zimbabwe goes back to about 1890

when Indian plantation workers in South Africa crossed over to the then
Southern Rhodesia with the early Pioneers. At present the number of
Zimbabweans of Indian origin, who are predominantly from the state of
Gujarat, is estimated at about 9,500. The community has formed societies
on religious lines, though they live in harmony. This PIO community has
mainly engaged itself in retail trade or export-import business, while the
younger generations have mostly moved out of the country for better
opportunities as professionals. A few hundred PIOs hold British/Australian
passports. As regards the expatriate Indian community their number is
500. Some of them are on long term business/work permits while most are
professionals engaged in computer software, accountancy, banking etc. By
and large, the Indian community is well respected in Zimbabwe and has
maintained cordial relations with the majority community.

Natural Resources

Zimbabwe is rich in natural resources with abundance of gold,

diamonds, iron ore, coal, chrome, asbestos, nickel, copper, vanadium,
lithium, tin, Platinum (2nd largest reserves in the world) and Uranium. It
enjoys highest literacy rate (96%) in Africa and its population is mostly
English speaking. It was once called the bread and butter bowl of the
entire region (before the so-called land reforms of 2000). In 2014,

ZIMBABWEBUSINESSGUIDE2016 5
 Russia (Platinum ore mining) and China (Power-related) signed mega
deals with the Government of Zimbabwe. As the country is endowed with
plenty of natural resources there is scope for diverse business
opportunities, particularly given the need to add value to the various
primary commodities, agricultural and mining in particular.

Economy

Zimbabwean economy, though primarily agriculture based, the

contribution of agriculture (GDP contribution of 17.2%) and other
primary sectors of mining to the GDP is 5%. While manufacturing
constitutes 22% of GDP, services sector including transport, tourism,
communications, education and distribution but excluding financial
services accounts for about 35%. Mineral deposits mined and exported
from Zimbabwe include - platinum, nickel, gold, iron ore, asbestos,
copper, coal, chrome ore, diamond, granite and precious stones.
Agriculture, the backbone of the economy which used to employ almost
65% people earlier, has been badly affected following the Land Reform
Programme launched in 2000. The major crops are maize, groundnuts,
sorghum, soya beans, coffee, wheat, cotton, sunflower, sugar and
tobacco (both flue-cured and burley), as also beef and dairy. Tobacco is
the largest single foreign currency earner accounting for 30% of the
country‘s total exports though cotton is coming up again. Mineral
exports amount to about 25% of the total exports. Horticulture and
beef exports have also been adversely affected as a result of targeted
sanctions imposed by the Western countries.

Transport

The road network in Zimbabwe is good and about 19,000 kms of main
roads designated as ‗state roads‘ link all major towns and cities. Like in
India, traffic in Zimbabwe moves on the left-hand side of the road
(vehicles are usually right hand-driven). Traffic in the cities is generally
orderly and reasonably regulated. However, accidents particularly on
highways are common because of drunken driving and over-speeding
especially during holidays. A visitor may use a valid driving license from
a foreign country for up to 90 days. If not printed in English, such
license should have a certificate of authenticity and validity or a
translation of the text with the bearer‘s photograph attached. Indian
driving license is valid in Zimbabwe.

Zimbabwe has access to ports of Durban in South Africa, Beira in

Mozambique and Walvis Bay in Namibia. The distance between Harare
and Durban is 1335 km or 830 miles. The distance between Harare and
Beira is 552 km. The distance between Harare and Walvis Bay is 2146
km.

An Air Service Agreement between India and Zimbabwe was signed in

June 2014 in Harare.

6 ZIMBABWEBUSINESSGUIDE2016
2. India Zimbabwe Trade and Economic Relations

Zimbabwe and India enjoy strong relations of a political and economic

nature dating all the way back to the 17th Century during the
Munhumutapa Kingdom. Strong trade links developed between the Kingdom
and Indian merchants and it focused on textiles, metals, minerals, spices
and salt.

India has been a partner in the development of Zimbabwe assisting in the

field of telecommunications, power, transport and tourism sectors. India
opposed Zimbabwe's expulsion from IMF during 2008. On 14.6.2006, an
MoU was signed between India and Zimbabwe in Harare for a grant of US$ 5
million for development of the SME sector in Zimbabwe. The Project,
inaugurated by President Mugabe on 4th August, 2008, was completed in
February 2013.
At the 2011 India Africa Forum Summit (IAFS-II), our Prime Minister made
several announcements to the effect that for the next three years, the whole
African continent would enjoy the availability of US$ 5 billion Lines of
Credit, as well as more than 20,000 scholarships and an additional US$700
million to establish new institutions and training programmes.

As a result of IAFS-II, India proposed to set up a Vocational Training Centre,

a Rural Technology Park and a Food Testing Laboratory in Zimbabwe.
These projects are at various stages of implementation. Under aid budget,
India has set up tele-medicine, tele-education and VVIP connectivity nodes
in Zimbabwe as well as three Computer Learning Stations (Hole-in-the-Wall)
for under-privileged children in September 2012 in Zimbabwe.

On March 23, 2015, India donated 500 metric tonnes of rice to Zimbabwe to
overcome food-shortages. Besides, India is engaged in human resource
development and capacity building efforts in Zimbabwe under Lines of
Credit and Buyer‘s Credit Scheme of EXIM Bank.

The third edition of India Africa Forum Summit (IAFS-III) was held in New
Delhi from October 26-30, 2015. Our Prime Minister announced the
doubling of scholarships to 50,000 for African nationals. Around US $ 10
billion would be made available as concessional credit and US $ 600 million
as grants over the next five years to whole of the African continent.

Total bilateral trade between the two countries reached US$132.37 million
in the year 2014-15, from a mere US$40 million in 2003-04, more than four
times increase in last eleven years. However, since 2008-09, the trade has

ZIMBABWEBUSINESSGUIDE2016 7
 been skewed more and more in favour of India. Even in 2014-15, Indian
exports were more than USD 131.68 million out of a total bilateral trade of
USD 132.37 million.

Indian public sector companies have a successful history of engagement

with Zimbabwe and companies like Indian Railway Construction Company
(IRCON), Rail India Technical & Economic Services (RITES), Water and
Power Consultancy Services (WAPCOS) and Telecommunications India Ltd.,
(TCIL) had executed projects in Zimbabwe. WAPCOS continues to provide
technical expertise as well as training to personnel at Hwange Power Station
in Zimbabwe, apart from being Consultant for GOI projects under LOC.
Kirloskar and Jain Irrigation have supplied pumps and irrigation
equipment. National Small Industries Corporation Limited (NSIC), National
Institute of Rural Development (NIRD) and The International Crops Research
Institute for the Semi-Arid Tropics (ICRISAT) (Hyderabad) are engaged by
GOI to set up Vocational Training Centre, Rural Technology Park and Food
Testing Laboratory in Zimbabwe respectively. Bharat Earth Movers Ltd
(BEML) in Bengaluru and Ashok Leyland have, in 2015, supplied mining
equipment and vehicles to Zimbabwe under Buyer‘s Credit Scheme of EXIM
Bank. TATA Motors, Mahindra, Technofab, Indure, Jaguar and Kirloskar
Brothers have either executed projects in the recent past or have a regular
presence in Zimbabwe.

The increased commercial interaction between the two countries is also

reflected in the continuous increase in the number of business visas issued
from this Mission to local business persons.

The trade balance between the countries weighs heavily in favour of India as
revealed in the analysis below of actual trade in the selected three calendar
years:

Annual trade balance between India and Zimbabwe

Zimbabwe's trade with India

(US$000)
Trade direction
Value in Value in Value in
2012 2013 2014

Zimbabwe Exports to India 2,230 13 688

Zimbabwe imports from India 150,345 156,701 131,689

TRADE BALANCE (148,115) (156,688) (131,001)
Sources: International Trade centre, United Nations, COMTRADE, ZIMTRADE

8 ZIMBABWEBUSINESSGUIDE2016
The above shows that there is huge scope to increase value added exports
from Zimbabwe to India, and increase manufacturing capacity. Zimbabwe
has many natural resources which can be supplied to India in raw form;
semi processed form and finished goods due to the size of the Indian
market.

Tables 11.2 and Table 11.3 in Annex show the items traded between the two
countries. The biggest export to India is diamond in unworked form or
uncut, followed in a distant second place by tobacco. Other exports are
negligible at values of US$15 000 in 2014. On the import side, India
supplies mostly medical drugs, equipment and electrical components such
as transformers, calibrating meters, and electric conductors. There are also
some manufacturing devices and equipment supplied by India. The biggest
food import from India is rice but the level has dropped in last three years
and is now at a paltry US$1.1 million in 2014. India ranks ninth among the
import sources for Zimbabwe in 2014, at a value of US$131.7 million and in
terms of exports, ranks at number 22 with a meagre US$688 000. This
shows scope for massive development of the manufacturing and trade
activities among the two friendly countries to capitalise on the strong
political relations. To explore this only needs a look at the top imports by
Zimbabwe and one realises that Indian expertise can be used to displace
such imports by developing local manufacturing capacity in each of those
areas. Table 11.7 list the top 100 import items for Zimbabwe.

There has been a rise in Zimbabwean investor scouting delegations to India

although these have mostly been at private sector and sometimes company
level in the last four years. From India, there have been inward delegation
visits by Confederation of Indian Industry (CII) and Federation of Indian
Chambers of Commerce and Industry (FICCI) in November 2013 and May
2014 respectively. The missions included business mini conferences and
business to business meetings.

ZIMBABWEBUSINESSGUIDE2016 9
 3. Update on the Indigenisation Program

Indigenization Act- The Zimbabwe government´s Indigenization and

Economic Empowerment Act came into effect on 1 March 2010. Under the
Act, all existing businesses with a threshold of over USD 500,000 are
required to declare their shareholding to the responsible Minister and
furnish a plan on how they intend, within a five-year period, to comply with
the indigenization requirements, together with reasons, if any, as to why
they would not be able to achieve the target in the specified period. Within
12 months of the date of commencement of these regulations, the Minister
shall publish by notice in the government gazette, the minimum lesser share
permissible as well as the maximum period that the business may operate
with a lesser share, until full compliance with the 51% indigenous
shareholding requirement in the Act. The Act thus leaves vast discretion at
the hands of the Minister. Closer to the elections in 2013, the indigenization
was pursued vigorously. For example, Impala Platinum‘s subsidiary
Zimplats secured an agreement with the Government to unveil its
indigenization plan by ceding a 51% stake worth USD791 million to locals.
Investment by Indian companies is also affected with this regulation.
President Mugabe, in December-2015, has set March 2016 as the deadline
for all foreign owned companies to submit their empowerment proposals. In
2016 Government would not accept a company which refuses and rejects
the policy of Indigenisation and Empowerment.

The National Indigenization and Economic Empowerment Board is

empowered to audit accounts of foreign-owned companies to identify which
of them have not complied with the indigenization law requirements. This
follows the realization that the many of non-mining foreign firms have not
complied with requirements in line with provisions of the law. Foreign-
owned mining companies, on which Government efforts have been
concentrated, have to submit their indigenization proposals. In terms of the
Indigenization and Economic Empowerment Act, foreign companies are
compelled to sell at least 51 per cent of their shareholding to indigenous
Zimbabweans. Failure to comply may attract hefty fines or result in
business licences being revoked in terms of the law. Also, w.e.f. 1.1.2014,
Zimbabwe banned foreigners from owning a majority stake in a host of
businesses from bakeries to beauty salons. Besides, every non-indigenous
owner of shop or company is also now required to obtain an annual
indigenization certificate for the shop or company.

In view of the concerns expressed from various quarters about apparent

lack of clarity about the indigenization program, the Government
gazetted on 4 January 2016, an updated document entitled

10 ZIMBABWEBUSINESSGUIDE2016
Frameworks, Procedures And Guidelines For Implementing The
Indigenization And Economic Empowerment Act [Chapter 14:33]. The
Framework is available on the following link off the Zimbabwe
Investment authority website:
[Link]
ry&layout=blog&id=80&Itemid=701

Implications of Framework on Investment Application Process

All investment and indigenisation applications will henceforth be

submitted through the Zimbabwe Investment Authority (ZIA) for
processing in accordance with the revised Indigenisation and Economic
Empowerment framework.

All companies that have not yet submitted their Indigenisation

Implementation Plans as required by the Act are now expected to submit
their applications through ZIA by the new deadline of 31 March 2016.

ZIA, as the investor interface, will process all applications using the
predetermined framework of straightforward IDG01 and IDG02 through
One Stop Shop Indigenisation Ministry representative

Back Office (i.e. No investor contact)

During its normal course of processing, ZIA would consult with the line
ministries and the National Indigenisation and Economic Empowerment
Board (NIEEB) which shall play, under the guidance of the Ministry of
Youth, Indigenisation and Economic Empowerment (MYIEE), a
supervisory and monitoring role to ensure Government entities comply
with the Indigenisation and Economic Empowerment Act and other set
regulations and policies.

It should be noted that the investors will only interface with ZIA, and the
rest of the processing will be treated as back office processes until the
Compliance Certificate is issued to the investor through ZIA.

Sectors reserved for Indigenous Zimbabweans

The IEE Regulations stipulate in the Third Schedule, sectors that are
reserved for indigenous Zimbabweans. The Table below shows the
sectors to be reserved in favour of indigenous Zimbabweans.

Reserved Sector List

1. Agriculture, primary production of food and cash crops

2. Transportation: passenger buses, taxis and car hire services
3. Retail and wholesale trade

ZIMBABWEBUSINESSGUIDE2016 11
 4. Barber shops, hairdressing and beauty salons
5. Employment agencies
6. Estate agencies and Real Estates
7. Bakeries
8. Advertising agencies
9. Provision of local and craft, marketing and distribution
10. Tobacco grading and packaging
11. Cigarette Manufacturing
12. Valet services
13. Milk processing
14. Grain milling
15. Fuel retailing
16. Artisanal mining of all minerals (except diamond)

No new non-indigenous businesses will be allowed to invest in the

reserved sector unless under special cases as determined by line
Ministries and approved by Cabinet. This means that, as before, it is
possible for foreigners to invest in these sectors, but there would have to
be negotiation with the relevant line Ministry. So for example, Indian
dairy processors can still participate in dairy industry upon negotiation
with the Ministry of Agriculture, Mechanisation and Irrigation
Development.

12 ZIMBABWEBUSINESSGUIDE2016
4. Zimbabwean Economic Review

Zimbabwe has been for the past few years following the ‗Look East‘
policy, involving countries like China, Iran and India for investments
and credit support. Zimbabwe has also realized that external support is
essential if it has to arrest the negative growth of its economy which has
already reached at the lowest level in the last five years and is making
efforts to re-engage the Bretton Woods institutions. South Africa has
now emerged as the largest trading partner of Zimbabwe followed
strongly by China which is now purchasing 90% of Zimbabwean
exported tobacco.

Zimbabwe has been vigorously campaigning for foreign investment but

without much success in view of the general decline in its economy and
its failure to honour some bilateral commitments. It has put in place
institutional arrangements such as Zimbabwe Investment Authority
(ZIA) and Export Processing Zones Authority (EPZA) with the mandate
for promoting foreign investment. However, so far the investments have
been just trickling despite offer of incentives. Reports indicate that
China and, to some extent, Iran have invested in Zimbabwean mining,
agriculture and textiles. South Africa still remains one of the largest
investors in Zimbabwe, particularly in the mining sector. However, in
recent years, it is China which is leading the way in investment in
Zimbabwe. With the latest visit of Chinese President Xi Jinping on
December 1-2, 2015 to Zimbabwe, Zimbabwe has been assured of
Chinese investment to the tune of $ 4 billion spread over a period of five
years in the energy and infrastructure projects including revival of
irrigation facilities. While Zimbabwean investment policy permits 100%
foreign investment in most of the sectors, the government on 1 March,
2010 implemented an indigenization legislation which has put a further
damper on investments entering Zimbabwe wherein 51% of share has to
be retained by the locals & 49% to the foreigner.

Gross Domestic Product (GDP)

USD 5.9 billion in 2011; USD 500 per capita in 2011. After registering a
growth rate of around 9% in 2011, GDP grew by 4.4% in 2012 with
inflation rate of around 3.5%. In 2013, GDP grew at 3.4%. Zimbabwe‘s
external debt stood at USD 8.9 billion on 31.12.2013(69% of its GDP).
The key economic statistics are shown below:

ZIMBABWEBUSINESSGUIDE2016 13
 Table 1: Economic Highlights
Year GDP in Billions GDP Growth Inflation (%) Investment (% of
(US$) (%) GDP)
2015 12.4 3.2 1.7 12.7
(est.)
2014 12.0 3.1 1.2 13.7
2013 11.6 3.3 0.3 14.4
2012 11.2 10.6 2.9 14.2
2011 10.2 11.9 4.9 22.4
2010 9.1 11.4 3.2 23.9
2009 8.2 8.2 N/A 15.1
Source: Ministry of Finance, IMF, World Bank, UN, OECD

State of Manufacturing Sector: Capacity Utilisation

The Confederation of Zimbabwe Industries (CZI) is the strongest business

grouping and annually carries out a survey on the capacity of the
manufacturing sector. This survey shows the state of the economy and how
strong it is performing, from an industrial point of view. The results for 2013
and 2014 show the following position:

Year Average Capacity Weighted Capacity

Utilisation Utilisation
2013 39.6%. 39.6%.

2014 36.3% 36.5%

Source: CZI Manufacturing Survey 2013 & 2014

Noting that capacity utilisation in the manufacturing sector decreased both

on average and weighted bases
The main reasons for the drop in capacity utilization also apply across the
sectors:

i. Prolonged effects of power cuts

ii. High utility costs,
iii. High cost of licences/permits and general regulatory overburden
iv. Inappropriately structured funding facilities,
v. Diversification from manufacturing to retailing
vi. Cheap imports
vii. Lack of capital for recapitalizing, and retooling purposes
viii. Dwindling domestic demand in some product lines

This presents tremendous opportunities for Indian investors to capitalize on

Indian technology and manufacturing strength to either bring in completely

14 ZIMBABWEBUSINESSGUIDE2016
new equipment, to execute Greenfield projects in the underserviced areas
such as healthcare. Another option is to resuscitate some of the under
capacitated industries and replace or update the equipment. This has been
successfully done by some Indian investors in sectors such as cooking oil
refinery (Grafax, Wilmar), commercial paper products (Paroan Vista), and
mining (RioZim). Automobile products industry has representation from
TATA, who are looking at expanding into other areas.

State of Infrastructure & Utilities

Zimbabwe compares favourably with other Southern African Development

Community (SADC) countries in terms of power, roads, ICT, and water. The
country has strategic interconnectedness with its neighbours in terms of
power and transport networks, allowing Zimbabwe to participate in regional
trade and act as a critical transit country for landlocked neighbours Zambia
and Botswana and a key link in the north-south surface corridors. This
makes Zimbabwe a strategic launchpad for products into the region, for
Indian companies seeking inroads into the region.

Road Network

There is a massive programme to dualise the major highways, and work has
started or completed on some of them. Plumtree to Mutare Road has been
completed, and J. M. Nkomo Road (Airport Road) has just been completed
and fitted with solar lighting in late 2015. The busiest road (Beitbridge to
Nyamapanda, passing through Masvingo, Chivhu, Harare, Chinhoyi all the
way to Zambia) is set to commence in 2016 after some legal battle had
stalled progress. Zimbabwe has a relatively dense national road network.
Total road density is 100 km/1,000 sq kms, double the figure for
neighbouring Zambia and almost triple that of Mozambique.

The country is highly integrated regionally as it is linked to other SADC

countries through the north-south corridor as well as the Beira corridor,
both parts of the 14 main African corridors for trade. The north-south
corridor is the most extensive corridor system in the Southern Africa region.
Much of the transport and services infrastructure has however not been
upgraded to cope with the rising traffic population. This in itself presents a
huge opportunity for investment in virtually all the facets of basic
infrastructure provision.

Air Transport

The Harare international airport is the main airport in the country. The
national carrier- Air Zimbabwe maintains regular service between Harare
and London. The other significant airports are Joshua M. Nkomo airport n

ZIMBABWEBUSINESSGUIDE2016 15
 Bulawayo which was renovated in 2014. The most exciting development has
been the expansion of Victoria Falls airport which was commissioned in late
2015. It can now handle long haul airplanes, has a 4km runway and can
handle 1.7 million passengers annually. This is set to boost tourism, trade
and investment for Zimbabwe.

Railways

The state-controlled National Railways of Zimbabwe (NRZ) rail network has a

single-track. Zimbabwe has the highest rail-traffic density in the region
besides South Africa. The NRZ has both high freight as well as high
passenger density as compared to other southern African railways. Decline
of the rail system also diverted much cargo handling business to the
roads, further straining the road network which was not designed to
handle such a heavy load of traffic. This is an area which needs urgent
investment intervention to reduce the load on the road network and reduce
cost of transportation. Rail is also designed to carry a high tonnage of heavy
loads of commodities, whether food, minerals, raw materials or
manufactured goods.

Information and Communication Technology (ICT)

Fixed telephone line penetration exceeded the Sub-Saharan average in 2008

with the Internet access penetration being about the same. The mobile
market has been growing exponentially, lifting mobile subscriptions per 100
inhabitants to 108, reducing the gap between Zimbabwe and the rest of
Sub-Saharan Africa. As at December 2015 the following prevailed:
 Mobile Penetration in Zimbabwe-108%
 Internet Penetration in Zimbabwe- 48%
 Fixed line penetration rate 2.8%
 Tele-density in Zimbabwe- 110.8% (108% mobile + 2.8% fixed)

This presents tremendous scope for technology based products, and India is
a global player in this arena. The solid education platform also makes it easy
to introduce value added ICT software and hardware products.

Power

Zimbabwe‘s installed capacity and access to electricity compare favourably

to countries of similar income in Africa. Total installed capacity at 1,960
megawatts (MW) and per capita capacity at 146 MW are three and seven
times higher, respectively, than other low-income African countries.
Zimbabwe‗s overall access rates and rural access rates are also better than
the average for African low-income countries. The country and the region are
facing a debilitating power deficit due to drought and insufficient generating
capacity. The country has also not taken full advantage of its abundant
sunshine. Global brands from India such as Su-Kam, Fortuner for batteries
and inverters are distributed in Zimbabwe but can have a much more

16 ZIMBABWEBUSINESSGUIDE2016
significant footprint with local presence. There is also a need for new power
stations: thermal, hydro and solar based.

Taxation

The taxation system in Zimbabwe has started its move towards

simplification of tax structures. The Government has reduced the basic level
of tax and is in the process to widen the tax revenues. There are also moves
towards harmonization of customs and tax practices on a regional basis.
Reporting to the Ministry of Finance and Economic Development, the
Zimbabwe Revenue Authority (ZIMRA) is responsible for collection of tax,
customs and excise duties.

ZIMBABWEBUSINESSGUIDE2016 17
 5. Investing in Zimbabwe – an outline

Doing Business in Zimbabwe

Investment Options

Depending on the purpose of business, foreign investors have many options

to establish their companies in the country. The key forms of businesses in
the country include Limited Liability Company, sole proprietorship,
partnership and joint ventures. A foreign company may also invest in an
existing Zimbabwean company.

Registration Procedures

Company Registration under Companies Act (Chapter 24:03)

The first step in doing business in Zimbabwe is to register a company with

the Registrar of Companies. The process is as below;

Name Search –you will propose 5 possible names for the company. You will
do this of CR21 and lodge these in duplicate to the Registrar of Companies.
If a name is confirmed you will be issued with a CV4 confirming the
reservation of that name for you.

Memorandum and Articles of Association – you will then lodge this after
receiving confirmation of name reservation. You lodge these together with
CR14 and CR6 forms. CR14 Form states the company‘s directors and CR6
states the physical address of the company.

After registering a company foreign investors are required to apply for an

Investment licence and then one has the necessary regulatory permit.

Industry specific permits

Other permits/licences depend on the sector e.g. mining, pharmaceuticals

and would be handled by the respective regulators after going through the
above processes. Some of these permits are required before applying for the
ZIA Licence especially in regulated industries such as broadcasting, power
generation, mining, telecommunications and financial services, amongst
others.

ZIA Investment Licence

The requirements for an investment licence are as follows;

i. Non Refundable application fee of USD500,
ii. Fully completed ZIA 1 Application Form,
[Link] of Incorporation/Registration for the company,
iv. Official List of Shareholders and or Directors,
v. Business Plan or Feasibility Study (whichever is available),

18 ZIMBABWEBUSINESSGUIDE2016
 vi. Proof of Finance (the evidence of project finance may be provided in
either bank statements, confirmation letter from a bank, confirmed
bank loans, other confirmed credit facilities and or equipment/
machinery),
vii. Brief resumes/CVs for shareholders and or directors and copies
of identification documents (national ID for Zimbabweans and
passport and / visa/ residence permit for foreigners),
viii. License fee of USD2500 upon approval,
ix. Licence/permit from relevant Regulatory Authority where applicable is
required upfront e.g. Banking and financial services, diamonds
mining, telecommunications, pharmaceuticals, broadcasting,
newspapers and education

The investor shall apply for renewal of the Investment License 3 months
before date of expiry.

Visas/Residence /Work Permits Requirements

Investor Residence Requirements- Invest US$100 000 in a joint venture,
approved by the ZIA, with a local or permanent resident of Zimbabwe, to
qualify for a 3 year residence permit at the end of which permanent
residence may be granted.

All Indian passport holders coming to Zimbabwe need visa which they have
to obtain online before undertaking the journey. Full particulars of
Zimbabwean Embassy in India are as under.

Embassy of Zimbabwe in New Delhi

4, Poorvi Marg Vasant Vihar
New Delhi 110057

TELEPHONE: (+91) 11 2614 0430 / 31

(+91) 11 2615 4313 / 2614 4314

FAX: (+91) 11-2611 4316

EMAIL: zimnewdelhi@[Link]
WEBSITE: [Link]
OFFICE HOURS: 09.00-16.30

Work permits- these are granted on a case by case basis depending on

justification

Investment Climate

In order to create an environment conducive to business, Zimbabwe is

adopting a number of measures to address business regulations to improve
macroeconomic performance. The country is continually shifting towards
more welcoming policies for investment and provision of a red carpet to FDI

ZIMBABWEBUSINESSGUIDE2016 19
 providers. Technical Working Groups have been established and are working
in the following thematic areas:
• Starting a Business
• Trading across Borders/Paying Taxes
• Getting Credit/Resolving Insolvency and;
• Protecting Minority Investors/Enforcing Contracts
• Registering Property and Dealing with Construction Permits

The Doing Business reforms have been designed at:

• Reducing and simplifying procedures
• Automation of processes
• Review of Processes and legislative framework

Some of the other developments to improve the business climate are as

follows:

Multicurrency System & Foreign Exchange Controls

Zimbabwe has formally accepted the obligations of Article VIII under the IMF
Articles of Agreement, which aim at avoidance of restrictions on current
payments; avoidance of discriminatory currency practices; and convertibility
of foreign-held balances. The country adopted the multicurrency system in
February 2009 and a relaxation of almost all forms of foreign exchange
controls such as:

Foreign Capital Inflows- Foreign investors and visitors may bring an

unlimited amount of foreign currency

Repatriation of Investments & dividends- Government guarantees

repatriation of 100% of the original capital investment and after tax
dividends

Foreign Currency Accounts (FCAs) - Corporate and individual FCAs may

be opened with local commercial banks.

Borrowing- No restriction on working capital borrowing locally; No prior

RBZ approval for foreign loans below US$5m.

Bilateral Investment and Double Taxation Treaties: Zimbabwe is

signatory to 54 Bilateral Investment Treaties (BIT) and 14 Double Taxation
Treaties (DTT).

Membership in Multilateral Programs

In addition to bilateral treaty programmes, Zimbabwe is a member to a

number of multilateral organizations that have provisions for the favourable
treatment of foreign investors. For example, it is a member of SADC and
Common Market for Eastern and Southern Africa (COMESA). Zimbabwe is a
member of the African Union and the President has just ended his reign as

20 ZIMBABWEBUSINESSGUIDE2016
the Chairman. The country also supports and is part of the moves towards
establishment of the Tripartite Free Trade Area (involving COMESA, SADC
and East African Community (EAC) Zimbabwe is also a Member of the
Multilateral Investment Guarantee Agency (MIGA) which provides political
risk insurance, technical assistance and dispute mediation facilities. The
country is a member of the International Centre for Settlement for
Investment Disputes (ICSID) which provides facilities for conciliation and
arbitration of international investment disputes. It is also member to the
following organizations.
 Overseas Private Investment Corporation (OPIC)
 United Nations Convention on International Trade Law
(UNCITRAL)
 New York Convention on the Enforcement of Foreign Arbitral
Awards.

Promotion of Competition

Zimbabwe has adopted transparent regulatory policies and effective laws to

foster competition. These codes are designed to meet the requirements for
fair competition and discouraging anti-competitive practices, ease
bureaucratic procedures and facilitate the hiring and firing of employees.
The country also has an operational competition regime.

Taxation Incentives

In an effort to encourage local and foreign investment, the country offers

various fiscal incentives. Applicable incentives include, among others,
exemption from custom duties for imported goods associated directly with
investment. Strategic Investors can also qualify for National Project Status
which offers an even more comprehensive set of incentives than general
ones.

Below are some of the incentives available for investors:

 20% tax for manufacturing companies exporting at least 50% of output.

 15% corporate tax is applied for the first five years of operation in road,
bridge and sanitation or water facility construction
 15% corporate tax for special mining lease operations
 Losses are carried forward indefinitely for mining operations
 Duty exemptions on imported capital equipment
 Exemption from duties on the import of raw materials used in the
manufacture of goods for export and also for a registered operator
 Five year tax holiday for designated Tourism Development Zones
 Exemption from VAT for a variety of products that include agricultural
produce, raw materials for further processing, goods used in the
production of agricultural, mining, industrial or manufactured products

ZIMBABWEBUSINESSGUIDE2016 21
  Build Operate Transfer (BOT) and Build Own Operate Transfer (BOOT)
projects are taxed at a variable rate depending on the years of operation.
It is 0% for the initial five years and increases to 25% after 16 years.

Legal Developments of interest to investors

1. The Government is set to shortly finalise work on the legal instrument

facilitating Special Economic Zones
2. The Government has also indicated that all investment related
legislation is set to undergo a special fast tracked program for
updating and modernisation. This is part of the Rapid Results
Approach being used as part of the Doing Business Reform initiative
under the Office of the President and Cabinet. There will therefore be
a special Cabinet sitting to consider the various laws such as
Companies Act, Shop Licensing Act, Insolvency Act and others
needing reform.
3. The Government is also expected to finalise work on Joint Venture
Act that will govern the operation of Public Private Partnership.
This will be relevant to investors seeking to partner the State and
quasi –Government bodies in long term arrangements such as roads,
rail, parking, water provision etc.
4. The Indigenisation Framework has been revised, and the new rules
have been gazetted providing greater clarity to the program. A copy of
the new Framework is available on the ZIA website on the following
link:
[Link]
layout=blog&id=80&Itemid=701

22 ZIMBABWEBUSINESSGUIDE2016
6. Role of the Zimbabwe Investment Authority

The Zimbabwe Investment Authority (ZIA) is the country‘s investment

promotion body set up to promote and facilitate both foreign direct
investment and local investment. ZIA is an institution born out of the
merger of the Export Processing Zones Authority (EPZA) and the Zimbabwe
Investment Centre (ZIC). This was done to create a one-stop-investment-
shop for quicker and easier facilitation of investment.

It offers the following services:

 Issuing of licences for new projects with foreign investment capital
 Registration of representative offices
 Registration of foreign mergers and acquisitions (working closely with
Reserve Bank of Zimbabwe)
 Investor facilitation
 Liaison with Government and private sector for investors

The Authority regularly arranges and hosts foreign investment delegations

on investment missions. It also serves as a repository of investment related
information, and therefore hosts the One Stop Shop Investment Centre.

One Stop Shop Investment Centre

The establishment of the One Stop Shop (OSS) at ZIA was motivated by the
following factors:
 The need to streamline approval processes
 Approval of Investment procedures was complex and lengthy,
characterised by blockages/bottlenecks at different institutional levels
 Administrative procedures posed serious impediments to investment
 Investment promotion actions not enough without conducive
environment

The current OSS configuration hosts the following bodies, with fully
furnished offices available for each of them, within the ZIA building.
 ZIA
 Registrar of Companies
 Department of Immigration Control
 Zimbabwe Revenue Authority
 Ministry of Mines and Mining Development
 Environmental Management Agency
 Ministry of Local Government, Public Works and National Housing
 Ministry of Youth Development, Indigenisation and Economic
Empowerment, and lately
 National Social Security Authority

The whole model is being revised with the following thrust to ensure it
delivers the required services and efficiencies to investors:
i. Developing a supporting robust legal framework

ZIMBABWEBUSINESSGUIDE2016 23
 ii. Capitalising on the Doing Business reform initiatives already
underway
iii. Capitalising on the e-Government initiative already underway
iv. Developing online and consolidated registration facilities for various
agencies
v. Sharing of investor data by different data thus eliminating duplicate
form filling and repetitive information provision
vi. Online and mobile payment facilities
vii. Eliminating, combining and rationalizing the various registration
procedures that investors go through

This program is to be completed in 2016.

Contact Details for ZIA

The Chief Executive Officer

Zimbabwe Investment Authority
109 Rotten Row
P.O. Box 5950
Harare
Website: [Link]
Email: info@[Link]
Phone: +263-4-780141
Tel: +263 4 757931-6, 759911-5, and 780140-5,

Bulawayo Branch
Fidelity Life Centre, Fife Street&10th Avenue,
P.O. Box 399
Ascot, Bulawayo,
Tel: +263 9 65335, 65319, 65347, 65342-3,
Fax: +263 9 65345,
Email: nhamburo@[Link]

24 ZIMBABWEBUSINESSGUIDE2016
7. Opening a Representative Office

The representative office (also known as a liaison office) is a common entry

strategy used to assess market potential by foreign companies. The process
of obtaining the Representative Office is outlined below:

1. The foreign company seeking to be represented by the office in

Zimbabwe first makes an application for a place to do business in
Zimbabwe through a representative office to the Ministry of Justice,
Legal and Parliamentary Affairs with the facilitation of the Registrar of
Companies.

2. The application is submitted to the Registrar of Companies along with

the following documents (in duplicate) translated to English for the
issuance of a Certificate of Incorporation:
 Charter / Memorandum and Articles of Association for the foreign
company certified by the Embassy,
 The CR14 Form- showing Principal Officers of the Office,
 The CR6- showing the operating address of the Office,
 CR18- showing the list of documents submitted to the Registrar of
Companies.

3. The Ministry in turn issues a Licence for a Place of Business and the
Registrar of Companies in turn issues a certificate of incorporation.
4. The foreign company then applies to ZIA on official letterhead for
authority to establish the representative office (written letter, no form
to be completed) supported by the following details:
 The purpose for setting up the representative office
 Profile of the parent company (applicant) including nature of
business, shareholding, country of registration (certificate of
incorporation and registered office to be availed)
 The principal representatives of the company in Zimbabwe
 How the office will be funded. Please note such offices are to be
funded 100% by the parent company from offshore resources
 Any benefits to be derived from the office by the country e.g.
employment
 The licence for a place of business, certificate of incorporation,
CR14 and CR6 as issued by the Ministry of Justice and Registrar of
Companies should accompany the application.

NB: ZIA can however process the application before the

registration with the Ministry of Justice and have the
registration as a condition of approval. In that case the last
bullet above will not apply on submission of the application to
ZIA.

ZIMBABWEBUSINESSGUIDE2016 25
 Normally, representative offices are granted approval by ZIA on the following
conditions:
i. Office expenses to be entirely sourced offshore from Zimbabwe.
ii. The office will not participate in any economic activities such as loans
whose end result would be foreign exchange liability for the country of
any form.
iii. The office will also strictly adhere to the agreed activities, and not
engage in any economic activities other than what it has been
established for, without first seeking the approval of the Zimbabwe
Investment Authority e.g. manufacturing or trading.

iv. Investment The office will also strictly adhere to the agreed activities,
and not engage in any economic activities other than what it has been
established for, without first seeking the approval of the Zimbabwe
Investment Authority e.g. manufacturing or trading.

26 ZIMBABWEBUSINESSGUIDE2016
8. Investment Opportunities

8.1. Investment Opportunities for Indian Investors

Zimbabwe has several major minerals that rank amongst the top 10 global
resources giving it the status of a global resource country. Zimbabwe also
has a reasonably developed infrastructure base as compared to its peers,
including power, roads, ICT, and water. The country is well positioned
geographically and linked with its neighbours when it comes to power and
transport networks, allowing Zimbabwe to participate in regional trade and
act as a critical transit country for landlocked neighbours Zambia and
Botswana and a key link in the North-South Corridor.

Thus, with abundant natural resources, good infrastructure, a large pool of

educated and skilled work force, Zimbabwe is a suitable destination for
investment capital. Indian investors can consider the following specific areas
for deploying capital.

Potential Sectors for Investment

Sector Sub Sectors

Agriculture Contract Farming; Irrigation technology; Agro-

processing; Agri-genetics; crop and livestock
development; value addition of food and non food
crops, fruit juice extraction; fruit and vegetable
drying, processing and marketing

Manufacturing Value addition; Technology transfers; Equipment

supply; Capacity enhancement;
Reindustrialization;

Tourism Resorts; Casinos; Adventure; Accommodation &

conferencing; photographic safaris

Mining and Quarrying Platinum; Diamonds; Iron ore; Coal; Gold, Chrome
Beneficiation (polishing, smelting, refining);
Exploration

Energy Independent Power Producers:- Hydro, Thermal,

Gas

Infrastructure Road dualisation and toll gate facilities; rail track,

development signalling and locomotive manufacture/supply;
airport upgrades

ICT Hardware and software, data centres, mobile

ZIMBABWEBUSINESSGUIDE2016 27
 Sector Sub Sectors

devices and accessories, techno-innovations,

payment systems etc

Health & Education Medical centres, Specialist services, drug

distribution and manufacture, Institutions of
Higher Learning,

Agriculture

Agriculture is the backbone of Zimbabwe's economy and contributed 18% to

the GDP in 2010. Agriculture sector benefits from the immense production
of maize, wheat and soya-bean, as the surplus in the local market are
readily absorbed by the global market. There has been a major import of the
agricultural equipment; more than 6,000 tractors have been imported since
2004 by Government, private companies and individuals.

There exist opportunities in citrus fruits, mushroom and soybean

production and processing. Zimbabwe is the 2nd largest producer of flowers
in Africa after Kenya and is the 5th largest producer in the world. Zimbabwe
has an immense potential in the floriculture industry as the country
produces flowers at the lowest cost in Africa and the markets for this
produce are easily available.

Manufacturing

The broad based manufacturing sector produces more than 6,000 products
or commodities including food and clothing fertilizers and chemicals, metal
products of all kinds, electrical machinery/equipment and motor vehicle
assembly. India is particularly invited to extend its success in low cost
energy efficient automobile technologies such as the three wheel electric
cars.

Energy

Zimbabwe is facing a huge power deficit exacerbated by the low water levels
in Kariba Dam, and absence of investment over the years in new plants.
Further to this, many existing companies and even power plants use old
&inefficient technologies. The Government of India has extended an US$87
million line of credit for the upgrade of Harare Thermal Power station. An
Indian firm, Jaguar Overseas Limited has also recently won the tender to
upgrade Bulawayo Thermal Power station. This is due to the old inefficient
technologies used. There is also massive scope for off grid installations
(using renewable energies) witnessed at some universities in India and the
TERI RETREAT Campus. This can easily be applied with some innovative
local establishments. India can also capitalize on the abundant sunshine to

28 ZIMBABWEBUSINESSGUIDE2016
manufacture solar energy appliances and implements such as solar panels,
inverters, regulators and batteries.

Mining and Quarrying

The mining sector is a major earner of foreign currency for the country. The
sector performed well supported by the government, legislation, fiscal
environment and good infrastructure. The country possesses rich deposits of
more than 40 types of minerals. There exist opportunities in diamond, gold,
platinum, chrome, coal, asbestos and iron ore mining and the scope for
investment in rebuilding the exploration and mining support services such
as sample preparation and analysis (rock, chemical), non-destructive and
drilling.

Tourism

In Zimbabwe, tourism plays a very significant role in the development of the

national economy. The sector has significant potential to become the largest
industry in terms of foreign currency generation in the country. There exist
opportunities in the following activities:
 Safaris (Hunting and photography)
 Conference and Convention centres
 Resorts and Casinos
 Hotels and Lodges
 Shopping malls

Information and Communications Technology

Vast opportunities exist for deployment of modern ICT devices, services and
extending the same across other sectors. This is due to the high
urbanization rate (34%) and the high young-rural population mix coupled
with the high literacy rate above 90%. There are opportunities in Hardware
and software development, data centres, contact centres, mobile devices and
accessories, techno-innovations, payment systems and related areas. India
has established itself as the contact centre capital of the world due to good
spoken English and low technology costs as well as low labour costs.
Zimbabwe has an emergent contact centre industry which could benefit
from Indian expertise, and it may be the birth of another Business Process
Outsourcing (BPO) boom out of Southern Africa.

Health and Education

Zimbabwe has generally been a hub in the region for health and educational
facilities. There has been deterioration in this situation due to economic
decline but the opportunities remain. These two sub sectors also enjoy
inelastic demand and are known to be prioritized in expenditure among
Zimbabwe households. A special opportunity exists for Indian medical know

ZIMBABWEBUSINESSGUIDE2016 29
 how in the form of drug manufacture and specialist services (diagnosis,
analysis, surgeries, oncology etc). This is because of the homogeneity of the
conditions in India and Zimbabwe such that drugs suitable in India can
easily be applied here.

8.2. Investment Opportunities for Zimbabwean Investors

A vibrant India and Zimbabwe have a vision of a close partnership - a

partnership that is anchored on the principles of equality, mutual respect
and mutual benefit. This vision takes us beyond our strong bilateral
relationships, our close ties with regional economic communities and aims
to develop a new paradigm of cooperation in the areas of foreign trade and
development programmes.

The third edition of the IAFS summit took place during 26th-30th October
2015 which enabled consultations at the highest political level between the
Heads of Government of 54 nations across Africa and the Indian government
to give a new thrust to our age-old partnership. It provides an opportunity to
not only reflect on the past, but to define the road ahead in tune with the
times we live in.

There are therefore numerous investment opportunities that Zimbabwean

investors can explore in India. Following on is a discussion of the Make in
India campaign which has opened up massive investment projects for
investors from all over the world into India. Zimbabwean companies seeking
new markets should consider it seriously.

30 ZIMBABWEBUSINESSGUIDE2016
ZIMBABWEBUSINESSGUIDE2016 31
Hagadol Enterprises Private Limited delivers specialised,
innovative and diversified solutions to the power, ICT,
infrastructure, health expanding into all regions, locally
and internationally.

Zimbabwe Office
82 Mutare Road | Msasa, Harare | Zimbabwe
+263 4 485 745-6
+263 772 402 595

South Africa Office

3-4th Street
Boksburg North 1460
+27 633 333 861
Boksburg

admin@[Link] | [Link]

ZIMBABWEBUSINESSGUIDE2016 55
BUSINESS infra- energy trade education healthcare
SOLUTIONS structure branding
 MAHINDRA ZIMBABWE

56 ZIMBABWEBUSINESSGUIDE2016