Outgoing Indian Ambassador to Zimbabwe Mr. Jeitendra Tripathi says the much-heralded Essar deal will remain an important reminder to many governments that honouring bilateral trade agreements can reap massive economic benefits.
Tripathi expressed satisfaction that the Essar deal which will see the revival of the former Ziscosteel, now known as New Zimsteel, will result in major economic benefits for both Zimbabwe and the Indian investors.
New Zimsteel based in Redcliff saw government and India’s Essar Africa Holdings sign a US$750 million takeover deal.
Essar is expected to bring in new equipment to revive the obsolete plant, put up a new power station, and cater for the more than 3 000 workers whose jobs were on the line when the then Ziscosteel fell on hard times.
Tripathi was eager to stress that implementing bilateral trade agreements was an important step towards creating a credible investment environment in any nation.
Over the years Zimbabwe has violated several such agreements as Zanu PF bigwigs seized lucrative farming projects for themselves.
