A LOCAL company, Tradecode Investments says it is close to securing a $20 mln investment from two separate investors for the construction of a steel manufacturing plant as well as a factory to produce PVC ceilings in Chiredzi.
The company’s managing director Venancio Kurauone said the investors from South Africa and China will each invest US$10 million in the two plants.
“BW Exporters of South Africa is a worldwide exporter with branches all over Africa and is interested in setting up operations in Zimbabwe. They will invest $10 million in setting up a steel manufacturing plant which will among other things produce corrugated sheets.
“We are also making modalities to set up a plant for manufacturing PVC ceiling and plans are advanced to partner a Chinese investor, Pocasa Manufacturers who will bring in another $10 million, to bring the total investment of the two plants to US$20 million,” he said.
Tradecode Investments was established in 2007 as a transport and engineering company before diversifying into construction and hardware and since then it has opened branches in Chiredzi and Masvingo.
Kurauone said part of the company’s thrust is to expand into the region, plans are underway to open a branch in Cape Town, South Africa before exploring other markets in the region.
He said the company is currently into the construction, engineering, transport and hardware businesses.
According to the Zimbabwe Economic Policy Analysis Research Unit Zimbabwe’s engineering and metals sector has potential to generate US$14 billion per year if recapitalized.
The non-operation of ZISCO has been cited as the major missing link in the engineering, construction value chain and is estimated to be depriving the metals and metal products sector of over $3 bln in revenue per annum.