WATCH: Diasporans invest back home…Multi-billion-dollar Biotech City for Zimbabwe

24 Sep, 2023 - 00:09 0 Views
WATCH: Diasporans invest back home…Multi-billion-dollar Biotech City for Zimbabwe President Mnangagwa poses for a picture with Zanu PF members in the Diaspora after a meeting in New York City at the weekend. — Picture by Mike Muswere

The Sunday News

Hatred Zenenga in New York, USA

IN a major development set to take Zimbabwe to another level, a group of diaspora professionals based in the United States have signed a Memorandum of Understanding with the Zimbabwe Investment and Development Agency (ZIDA) to develop a multi-billion-dollar Biotech City in Zimbabwe.

Biotech cities are common in many developed countries and are also known as biotech hubs or parks, where companies in the fields of bio-pharmaceutical, bio-laboratories, medicines, information technology, engineering and research are found under one hub.

The professionals, who are well established and have contributed significantly in the biotechnology field in the US and beyond, met President Mnangagwa in New York yesterday before the signing ceremony.

Professor Tawanda Gumbo signed on behalf of the consortium, while ZIDA chief executive officer Mr Tafadzwa Chinamo signed on behalf of the agency. 

Minister of Finance and Investment Promotion Professor Mthuli Ncube witnessed the signing ceremony. 

Professor Mthuli Ncube

It emerged after the meeting with President Mnangagwa that the professionals have set up a consortium of Associated Industries and Infrastructure: Privately funded by Zimbabwe and Diaspora Companies. 

Minister Ncube told reporters that the consortium was part of a big network of Zimbabweans in the diaspora keen to come back home and build a biotech city. 

“Covid-19 has taught us a lot about the need to be prepared for emergencies. Their ideas dovetail with His Excellency the President’s of doing it on our own to achieve the vision of an upper middle-income economy by 2030,” he said.

Dr Tawanda Gumbo, who is the chief executive officer of US-based company Investments in Manufacturing, Production and Infrastructure Incorporated, said the success that Zimbabweans have had in the biotechnology sector had prompted them to bring the expertise and technology to Zimbabwe.

“We are looking for land about 100 square kilometres to set up the Biotech City. We are excited that the President is committed to help us. In fact, he is the one pushing us to move faster,” he said.

The retired medical doctor and Wall Street consultant, who was educated at the University of Zimbabwe, said the consortium was now working on details of the mega project with ZIDA.

“We are looking to set up shop as soon as possible – as early as February next year. We see this as bringing back to Zimbabwe some of the skill set we learnt outside,” he said.

Mr Chinamo said: “This is an exciting development and we see this as one way of retaining young and skilled men and women.”

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