Zimbabwe’s mining industry, if properly funded, has the potential to turn around the economy in a short time, says South Africa-based Indian business-
person Ashok Sewnarain.

He recently told Mining Weekly that he intended investing more than US$1-million in the Southern African country.

“Zimbabwe has the potential to resuscitate its economy in a short space of time, but needs financial backup from investors. The resources are there in abundance but the country needs financial support from potential investors,” he said on the sidelines of a conference hosted 
for Indian businesspeople by Zimbabwe’s Ministry of Mines and Mining Development.

The Durban-based Ashok said he would
invest more than US$1-million in Zimbabwean gold ventures through his International Bank Vaults (IBV).

According to the IBV website, the company 
operates South Africa’s first and only private safe deposit vault.

“Zimbabwe has the potential to regain its status, but there is need for capital injection to support production in various sectors.

“We are willing to invest in Zimbabwe – we only need approval for our proposals from the Zimbabwe government. Soon after all the 
paperwork has been approved, we are definitely going to start operations in Zimbabwe.

“As a financial institution, we have cash in abundance to invest in the country, but there is a need for Zimbabwe to educate investors on the current political environment.

“There is a need to come up with a friendly 
package to lure foreign investors,” he said.

Permanent secretary in the Ministry of Mines and Mining Development Thanks Musukutwa said that, out of the 50 minerals that the country had, only ten were being 
exploited. 
Even then, these were not being exploited to the maximum.

He said his Ministry was ready to work with serious investors to boost mining production.

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